Noting that the price range in the IPO offering entails the sale netting between EUR 500m and EUR 660m while the state earned EUR 380m through dividends from the bank in the last three years, Finance says that this might not seem optimal, "but this is what it is and it is not likely to get better".

It argues that the situation on the market is not rosy, that NLB is (again) being sold under pressure and that potential strategic investors might be discouraged by the sale only being partial.

However, not selling would mean trouble. It would mean trouble with the European Commission, with additional restrictive measures for NLB, which was being salvaged with billions, probably entailing an even lower price in the next privatisation attempt.

Also, given the strange signs coming from the market, there a is relatively high risk of the price falling further in a year, the paper says in Finally Discussing Price and Not National Interest.