MADRID, April 23 (Reuters) - Opdenergy will start taking orders for shares on Friday, the renewable energy firm said, as Spain’s initial public offering (IPO) market returns to action after a six-month siesta.
The company is looking to raise around 375 million euros ($452 million) on the stock exchange to help it build more of the wind farms and solar plants that are in demand as economies globally phase out planet-warming fossil fuels.
It fixed a price range of 4.26-5.20 euros per share for the offer, which includes a greenshoe option that would enable underwriters to buy up an additional 10%. The company has also given itself the option to take the overall amount raised to 425 million euros.
Led by Luis Cid, who previously developed renewables projects at wind power giant Iberdrola, Opdenergy has projects in Britain, Chile, France, Italy, Mexico, Poland and the United States, as well as Spain.
It operates 13 solar parks and one onshore wind farm with a total capacity of over 580 megawatts and plans to build facilities that would add 3.7GW of capacity by the end of 2026.
Fellow clean energy developer Ecoener is also taking orders to raise 182 million euros through an initial public offering, and industry heavyweight Acciona is planning to follow with a deal that could value its own energy unit at more than 8 billion euros.
Citi and Santander are coordinating the Opdenergy deal, while Alantra, Bank of America , Berenberg and RBC Capital Markets are bookrunners.
Rothschild & Co and Evercore are also advising the company, whose shares are likely to start trading on May 7.
Spain’s last IPO was in October, when solar equipment maker Soltec launched its shares in the first test of investor appetite after the novel coronavirus roiled global markets.
Soltec’s shares steadily climbed, as did other clean energy stocks, into the start of 2021. They have traced the sector slightly downwards since January, but at 8.51 euros each are valued at almost double their IPO price.
Reporting by Isla Binnie, editing by Andrei Khalip and Barbara Lewis