Spanish utility Acciona has set a price range for its planned initial public offering (IPO) of its renewables division of up to €29.76 (US$35.36), potentially valuing the business unit at as much as €9.8 billion (US$11.6 billion).
Acciona has been planning the IPO of Acciona Energía for some time, the intent being to raise significant funds to develop a sizeable pipeline of renewable energy assets out to 2025.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
Acciona confirmed its prospective pricing late yesterday, setting the range at between €26.73 and €29.76 per share, giving the business unit a total equity value of €8.8 – 9.8 billion enterprise value of €11.9 – €12.9 billion.
Between 15 – 25% of the share capital of Acciona Energía is to be placed, however the size of the IPO may be increased should the listing’s joint global coordinators be granted by Acciona to offer a green shoe option of 10 – 15% of the shares initially offered.
Confirmation of the listing price range comes a month after Acciona CFO José Ángel Tejero confirmed the listing was still intended to go ahead despite a stuttering market for green energy stocks, especially in Acciona’s home market of Spain.
Acciona’s compatriot independent power producer (IPP) Opdenergy shelved its own plans to list on Spain’s stock exchange last month citing challenging market conditions, while fellow IPP Grupo Ecoener was forced to trim down its own IPO plans before witnessing its shares slide more than 15% on its opening day of trading.