Acciona has set the price range for the initial public offering (IPO) of Acciona Energia, giving an enterprise value for the company of almost €12bn to €13bn.
The share price will be set at between €26.73 and €29.76 per share, giving an equity value of Acciona Energia between €8.8bn and €9.8bn on listing and an enterprise value between €11.9bn and €12.9bn.
In addition, in a communication to the Spanish Securities and Exchange Commission (CNMV), Acciona said that its board of directors has authorised the placement of a minimum of 15% and a maximum of 25% of the share capital of Acciona Energia.
Acciona said the IPO may be increased by the granting to the joint global coordinators of a call option (green shoe) representing between 10% and 15% of the shares initially offered, in order to cover eventual over-allotments.
It said that this provides a flexible framework to optimise its market value and, at the same time, to attract and select investors that share the company’s long-term business plan and ESG vision.
Acciona Energia has also secured, ahead of the IPO, the appropriate financial structure to develop its growth strategy as an independent company.