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Retail clients bought the shares for €3.75.
And how did Merrill's retail clients react to all this?
Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world.
The French bank, now owned by an insurance behemoth, AXA, has roughly 15,000 retail clients.
Brokers reported anguished calls from retail clients begging for a piece of the action.
Bankia's 11.2m retail clients are expected to buy about 60% of the issue.
"Unlike institutions, our retail clients hold the shares for a much shorter term," he said.
She said she is encouraging her retail clients to consider the shopping center.
"Some of our retail clients have pretty horrible site search," he said.
"Some retail clients have been chucking in money because they realise this".
Algorithmics specializes in risk analytics software for financial businesses, while i2 helps government, insurance and retail clients assess security threats.
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