WHEN THE PORTUGUESE state sold off most of its 30% stake in oil and gas company Galp Energia in October last year, 200,000 retail investors, about 3% of the adult population, subscribed, contributing more than 40% of the €1.1 billion raised in the IPO.
That deal brought retail investors back to the market in big numbers for the first time since 2000 but institutional investors had already been paying attention for some time.
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