After the approval of the CNMV to publish its IPO, Opdenergy obtained the sufficient demand in the lower part of the offer for its jump on the Stock Exchange, scheduled for next July 22, after the “roadshow” carried out by the group, according to what has been reported to Europa Press in market sources. Thus, on the strength of this support obtained from investors, the renewable energy group will achieve su first on the floor on the second attempt, a year ago he had to park it due to market volatility.
Opdenergy plans to debut with a valuation between 503 and 572 million euros (“equity value”) before its capital increase, after setting an indicative and non-binding price range for its IPO of shares between 4.75 and 5.40 euros for each new title. In concrete terms, the operation will consist of an offer of a certain number of new ordinary shares of the company to qualified investors and to investors who buy or subscribe to securities for a total amount of at least 100,000 euros per investor, as well as only to certain employees of the group of the company and certain members of the general management, the general manager and certain persons closely linked or related to the group, to the general management or to the beneficial owners of the shareholders of the company. Likewise, it is also aimed at other types of investors residing in Spain.
200 million to finance his plan
With this offer, the company expects to obtain a gross income of approximately 200 million euros to finance its business plan until 2025. The business plan envisages continuing the transformation of the company into an independent power producer (“IPP”, for its acronym in English) the most important and geographically diversified. Opdenergy’s goal is reach a production capacity of approximately 3.3 gigawatts (GW) of assets in operation and under construction by 2025, which will double the current gross capacity in operation and under construction and increase its actual capacity in operation by approximately six times.
The current shareholders of Opdenergy they will not sell shares in the offer, but will grant an over-allotment option on the company’s existing shares representing 10% of the offering. In addition, the company has signed an irrevocable commitment as a “reference investor” with Global Portfolio Investments, a company belonging to the holding company of the Domínguez family, owner of the Mayoral fashion business, under which Mayoral has irrevocably agreed to purchase or subscribe at the offer price to a number of new shares representing 6% of the company’s share capital after the offer, under certain conditions.
Opdenergy will apply for admission to price of its new shares and of its existing ordinary shares on the stock exchanges of Madrid, Barcelona, Bilbao and Valencia for trading through the Interconnection System of the Spanish Stock Exchanges (Continuous Market) of the Spanish Stock Exchanges.