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Spain’s Opdenergy sets price range for market debut
Global Banking & Finance Review®
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MADRID (Reuters) – Spanish renewable energy company Opdenergy on Monday set the price range for its planned initial public offering (IPO) between 4.75 euros and 5.40 euros ($4.80-$5.46) per share, valuing the
MADRID (Reuters) – Spanish renewable energy company Opdenergy on Monday set the price range for its planned initial public offering (IPO) between 4.75 euros and 5.40 euros ($4.80-$5.46) per share, valuing the business at up to 572 million euros.
The Madrid-based company, which operates solar parks in Europe and Latin America, plans to raise up to 200 million euros to finance its business plan through 2025 from Spain’s first flotation of the year.
Opdenergy ditched a previous attempt to go public in 2021 owing to volatility in green power stocks.
The company said on Monday that it has a binding agreement with an “anchor investor”, Global Portfolio Investments, to purchase or subscribe to new shares representing 6% of the share capital after the IPO, subject to certain conditions.
Opdenergy shareholders will not sell shares, but will grant an over-allotment option on existing shares representing 10% of the offer, it said.
($1 = 0.9891 euros)
(Reporting by Emma Pinedo; Editing by David Goodman)
An initial public offering (IPO) is the process through which a private company offers shares to the public for the first time, allowing it to raise capital from investors.
Equity refers to the ownership interest held by shareholders in a company, represented by shares of stock. It signifies the value of ownership in the company after all liabilities are deducted.
Renewable energy is energy derived from natural sources that are replenished at a faster rate than they are consumed, such as solar, wind, and hydroelectric power.
A binding agreement is a legal contract that obligates the parties involved to adhere to its terms and conditions, enforceable by law.
An anchor investor is a large institutional investor that commits to purchasing a significant amount of shares in an IPO, providing credibility and stability to the offering.
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