The CNMV recommends that the distributor monitor the risks associated with the IPO of Opdenergy

Of the Opdenergy It will be the first IPO in seven years that retail investors will be able to attend In Spain. The last one in which they were able to participate was the partial privatization of enain 2015. The National Securities Market Commission (CNMV) approved this Wednesday at the last minute the release brochure and regulatory sources convey that interested retailers should read the document in detail, “paying particular attention to the risks.”

In any IPO, it is mandatory to include in the public prospectus the risks surrounding the company and which involve the purchase of shares in it. And in this case, Opdenergy has listed some related mainly to their negative resultsare high debt or with possible difficulties in carrying out their growth plan.

“We had negative results in the years 2020 and 2021, in the first quarter of 2022 and it is possible that we will continue to obtain negative results in the future”, acknowledges the firm. The company accumulated 1,482 million euros in losses in operating profit in the first quarter of this year and 8,259 million in attributable losses. And he warns that “the volatility of the price of electricity can have a negative impact on our results, our debt and our capital due to the valuation of our PPP synthetic”.

Another point is in its growth plan. “We may not be able to successfully implement our business strategy to become a large-scale independent power producer and achieve our ambitious growth plan,” the prospectus said.

Opdenergy has been tagged as goal for 2025 reach a 3.3 GW gross capacity of assets in operation and under construction, more than double its current gross capacity and capacity under construction. They also reflect that they may not be able to complete their projects under construction or in the pre-construction phase “efficiently and on time, or at all”. Added to this is its “considerable” debt, “which limits our operational flexibility”, according to what they indicate.

Beyond the risks on the results and the operations, they add a last one in which they recall that they “are the subject of an investigation, with two of our administrator owners, within the framework of a criminal procedure in Spain”.


If the schedule is respected, Opdenergy will begin on Friday, July 22 with a non-binding price range which will be between 4.75 and 5.50 euros, which represents a valuation of the company between 503 and 572 million before the capital increase. He will do so just over a year after the failed attempt in May 2021.

Based on revenues of 43.5 million euros at the end of last year, Opdenergy aims for a sales valuation ratio of between 11.6 and 13.1 times, depending on whether the placement is ultimately made in the low part, at 4.75 euros per share, or high, at 5.40 euros. However, the two clearest comparables for the company, Solarium and Grenergy, trades, on average, at a 19.9x to-sell ratio, though it’s the solar energy company that triggers that figure, capitalizing 27x its revenue, compared to Grenergy’s 13x.

Opdenergy achieved a turnover of 139 million euros in 2020, which fell to 43.5 million euros in 2021. Last year, the company’s net loss amounted to 17, 8 million euros, against a positive net profit of 0.48 million euros a year earlier. In its valuation range, above 500-600 million euros, the new debutant would reach a capitalization half that of Grenergygreater than 1,000 million euros, and in line with Audax Renewables.


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