MADRID, Apr 28 (Reuters) – The Spanish renewable energy company Ecoener has cut the planned size of its IPO by almost half, a day before closing the subscription period and setting a definitive price for what will be the first IPO in Spain this year.
Ecoener had planned to raise up to 200 million euros ($ 219 million) to invest in new facilities, including wind and solar farms, but said on Wednesday that it now aims to raise a maximum of 110 million euros.
“During the process of placing (the purchase orders for shares) Ecoener has decided to adjust the size of the initial offering of common shares,” the company said in a statement.
Ecoener did not explain the reason for the cut, which is the first in a series of IPOs planned in Spain for this year with the aim of capitalizing on investors’ appetite for companies linked to reducing global carbon emissions.
Founded by its president and sole shareholder, Luis de Valdivia, most of Ecoener’s assets are located in Spain, and much of the rest in Honduras and Guatemala.
According to the original plan, the company intended to raise 182 million euros with the possibility of issuing more shares through the so-called ‘greenshoe’ or over-allotment option, but the base amount now becomes 100 million euros, with the possibility to issue 10% more shares at the same price as the initial offering.
Ecoener expects to go public on May 4, becoming the first company to debut on the Madrid stock market since solar generation equipment manufacturer Soltec did last October.
Société Générale is the global coordinator of the operation. Banco Sabadell, Caixabank, Credit Agricole and HSBC will act as ‘bookrunners’ of the operation, while Banco Cooperativo Español will co-direct the operation.
(1 dollar = 0.8286 euros)
(Report from Isla Binnie; Edited by David Clarke; Translated by Darío Fernández)