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Spain's Opdenergy sets price range for market debut

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

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)

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