Norway’s Scatec Solar has revised the indicative share price for its imminent IPO from NOK28-36-NOK19-20 (US$2.94-3.25).
The company has also postponed its launch on the Oslo Stock Exchange from today, as originally planned, to later this week, probably 2 October, to extend the application period.
The change of share price, which the company said had been decided following consultation with the bookrunners, will lower its valuation from NOK1.89 billion-NOK2.43 billion (US$293-376 million) to NOK1.283 billion-NOK1,418 million (US$199-220 million).
In a statement, Scatec Solar confirmed that shares offered at the new indicative price were oversubscribed.
Scatec Solar has become an active player in Sub-Saharan Africa’s burgeoning PV market, with two projects connected in South Africa and another close to completion in Rwanda. The company is targeting 750MW of PV capacity by 2020.