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Spanish renewable firm Opdenergy targets valuation of 703 million euros

·2-min read
FILE PHOTO: Iberdrola's power generating wind turbines are seen at dusk in Moranchon wind farm

By Jesús Aguado and Lucy Raitano

MADRID/LONDON (Reuters) -Spain's Opdenergy reached a valuation of 703 million euros ($716 million) in its initial public offering after marketing the deal at the lowest end of its original range, the company said in statement on Thursday.

The Spanish renewable energy firm trimmed the price its new shares to 4.75 euros per share, from an initial range of 4.75-5.4 euros, the statement, published on the market supervisor CNMV said, confirming an earlier Reuters report.

After the offering, the number of total ordinary shares of the company will amount to 148.033 million.

Opdenergy, which operates solar parks and wind farms in Europe and Latin America, will be the first new listing on the Spanish stock market this year amid an IPO drought in the United States and Europe that has dealt a blow to investment banks.

Recession fears and Russia's invasion of Ukraine sent a chill through equity capital markets (ECM) in the second quarter, depriving bankers of lucrative fees for arranging stock sales such as initial public offerings (IPOs).

On Wednesday, price guidance for Opdenergy's IPO was already narrowed to 4.75-4.90 euros per share.

The company has raised 200 million euros to finance its business plan through 2025, having ditched an attempt to go public last year due to volatility in green power stocks.

Trading is expected to begin on the Madrid stock exchange the next day at 1300 CEST local time.

Opdenergy offered new shares equivalent to a 27.12% stake in the company. A so-called greenshoe option gave it the potential to increase this by 10% to 29.83%.

Global Portfolio Investments, the key investor has fulfilled its commitment to subscribe to 6% of the share capital of the company post-offering, the company said, adding that after the settlement of the offering, the selling shareholders will own 71.6% of Opdenergy's capital or 68.7% if the greenshoe is fully exercised.

The free float will represent 22.4% of Opdenergy's share capital, or 25.3% if the over-allotment option is fully exercised.

($1 = 0.9819 euros)

(Reporting by Lucy Riano, Inti Landauro and Jesús AguadoEditing by David Goodman and Mark Potter)

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