Opdenergy forgoes 225 million in its IPO despite the attraction of renewables due to the energy crisis

Opdenergy has its stock market debut scheduled for Friday, July 22, after suspending its public offering (OPV) on May 5 last year alleging “unstable market conditions overall and for renewable energy companies”. The scenario is now different and companies in the sector are soaring on the stock market due to the energy crisis in gas supply since Russia a Europe and this requires the promotion of green energy. Instead, Opdenergy is giving up 225 million euros against last spring’s target.

The company intends to raise 200 million euros, out of the previous 425 million, and goes public with a price range for the securities between 4.75 and 5.40 euros, which would lead to a capitalization of up to ‘at 503-572 million. Last year, the stock range was €4.26-5.20, which would have given a market value of €826-926 million.

The future listed company now relies on a primary offering of new shares for qualified investors subscribing at least 100,000 euros each and senior executives of the company, such as the CEO and people close to them or related to them.

In addition, a novelty is introduced: a small section will be included for Spanish retail investors. This event has not occurred since ena went public in 2015 and after the legal issues of the premiere of Bank. However, the IPO is conditional on the redemption of 6% of suits The boysclothing company owners Mayor, which will buy about 25% of the new shares to be issued on Friday. On the other hand, sufficient demand has been ensured in the lower part of the supply, as shown in European press market source.

The clean energy production company now hopes to take advantage of the stock market attraction of its competitors, including those who dared to take to the trading floor when Opdenergy backtracked three days after the premiere and who are now enjoying a good stock market performance. Bank Santander there Citigroupits stock colanders last year (now the company has spun off from Citigroup) advised Opdenergy not to go public after Energy efficient collapsed in its first 15%.

Now, shares of this company are up 30% so far this year and 10% over the cumulative 12 months. conduct Energywho also just completed a year on the floor making the leap to Ibex 35, advance of 20% from January and 30% per year. For its part, Solarium increases by 20% and 25%, respectively, and Genergy 15% and 20% are revalued under the same headings. The discordant note is Soltec with a drop of 40% over the two periods.

Turnovers did not accompany a year ago, but they do not now, because they are collected in the IPO prospectus: “We had negative results in 2020, 2021 and the first quarter of 2022 and it is possible that we will continue to have negative results in the future.” On the other hand, they warn that the “volatility of the price of electricity” can have a “negative impact on results, debt and capital”.

In addition, they report problems with the growth plan: “We may not be able to successfully implement our business strategy.” Opdenergy aims to reach a whopping 3.3 GW of assets in operation and under construction by 2025, more than double what it is today in both games. In the prospectus, they also remind their potential investors that the company and two directors who own the same “are under investigation in the context of legal proceedings in Spain”, information advanced by OKDIARIO.

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