Finance
Spain’s Cox to raise up to $242 million in IPO, valuing company at $1 billion
Quick Summary
(Reuters) – Spanish energy and water utility Cox said on Tuesday it intended to raise as much as 222 million euros ($242 million) in an initial public offering (IPO) on the Madrid
(Reuters) – Spanish energy and water utility Cox said on Tuesday it intended to raise as much as 222 million euros ($242 million) in an initial public offering (IPO) on the Madrid stock market that would value it at up to $1.02 billion.
The company plans to price the newly issued shares within a range of 10.23 euros to 11.38 euros each, it said in a filing to the local stock market regulator.
It plans to offer between 17.57 million and 19.55 million ordinary shares, the filing said.
The shares are expected to be listed on or about Nov. 14.
Several European companies have listed this year after an improvement in market sentiment boosted stock prices, including Barcelona-based beauty group Puig in May, although Barcelona-based frozen-bakery producer Europastry, cancelled an IPO last month.
Banco Santander, Bank of America and Citigroup are acting as joint global coordinators, Cox has said.
($1 = 0.9171 euros)
(Reporting by Tiago Brandao; Editing by Inti Landauro and Mark Potter)
Frequently Asked Questions about Spain’s Cox to raise up to $242 million in IPO, valuing company at $1 billion
1What is an IPO?
An IPO, or Initial Public Offering, is the process through which a private company offers its shares to the public for the first time, allowing it to raise capital from public investors.
2What is market capitalisation?
Market capitalisation is the total market value of a company's outstanding shares of stock, calculated by multiplying the current share price by the total number of shares.
3What is equity?
Equity represents ownership in a company, typically in the form of shares. It signifies the value of an owner's stake in the business after all liabilities have been deducted.
4What is a share?
A share is a unit of ownership in a company or financial asset, representing a claim on part of the company’s assets and earnings.
5What is a financial market?
A financial market is a marketplace where buyers and sellers engage in the trade of assets such as stocks, bonds, currencies, and derivatives.
