German power producer RWE has set the price range for the initial public offering of its Innogy renewables, grid and retail unit, potentially giving it a market value of up to €20bn.
RWE said Innogy will issue 55.6m new shares in addition to 83.3m shares issued by RWE, all at a price between €32 and €36 each, giving the IPO a value of up to €5bn.
Shares worth €940m have already been placed privately with funds managed by US wealth manager BlackRock, RWE said.
The Germany company will hold at least a 75% stake in Innogy after the private placements and the listing on the Frankfurt Stock Exchange.
Deutsche Bank and Goldman Sachs are acting as the joint global coordinators for the planned transactions.
Image: RWE
RWE targets €5bn Innogy IPO
Shares worth €940m already placed privately with BlackRock managed funds
By EBS