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Soltec shares jump 11% in debut on Spanish stock market

MADRID, Oct 28 (Reuters) - Shares in Spanish solar equipment maker Soltec rose on their market debut on Wednesday, in a sign of investor confidence in its bid to capitalise on growing international interest in clean energy sources.

The Soltec shares were up 11% at 5.26 euros ($6.22) in late morning trading, while the IBEX-35 blue chip index was down 2%, in line with other global markets rattled by new confinement measures to curb a renewed spread of the coronavirus.

In the first market listing in Spain since green power producer Grenergy made its debut in December 2019, Soltec is the first there to test investor appetite for new stock after the coronavirus roiled global markets.

The share sale closed on Tuesday at a price of 4.82 euros each, the top end of a 3.66-4.82 range offered by the company, implying a market value of 440 million euros ($520 million).

Located in sunny southern Spain, Soltec’s primary business is manufacturing kit that helps solar panels follow the movement of the sun to soak up more rays. Its CEO told Reuters before the listing that it planned to build more solar plants of its own.

$1 = 0.8461 euros Reporting by Isla Binnie and Inti Landauro Editing by Ingrid Melander

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