MADRID, July 17 (EUROPA PRESS) –
Opdenergy plans to make its stock market debut this Friday, July 22, in its second attempt, after having to park it a year ago due to market volatility, with a value between 503 and 572 million euros (‘ equity value’) before its capital increase.
The renewable energy company has set an indicative, non-binding price range for its stock IPO of between 4.75 and 5.40 euros for each new security.
In addition, the company has ensured sufficient demand at the bottom of the offer for this stock market jump after the ‘roadshow’ carried out by the group.
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 YOUR BUSINESS PLAN UNTIL 2025
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 to achieve a generating 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 will increase its actual operating capacity by approximately six times.
Existing Opdenergy shareholders will not sell shares in the offer, but will grant an over-allotment option on existing shares of the company representing 10% of the offer.
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 listing of its new shares and its existing ordinary shares on the stock exchanges of Madrid, Barcelona, Bilbao and Valencia to be traded through the Spanish Stock Exchange Interconnection System (continuous market) of the Spanish stock exchanges.
Upon their admission, the company, the selling shareholders, the management team and the main key directors will enter into agreements of non-transferability concerning their participation in the share capital of the company, effective for a predetermined period after the offer, in accordance with practices of the market and subject to customary exceptions and the waiver of the Global Coordinating Entities of the offer.
Employees subscribing for new shares will also be subject to “lock-in restrictions” for a predetermined period of time after the offering.
Banco Santander, Barclays Bank Ireland PLC and Société Générale will act as global coordinators of the offering (the “Joint Global Coordinators”).
In the meantime, JB Capital Markets Sociedad de Valores will act as ‘joint bookrunner’ of the offer. Banco Cooperativo Español and GVC Gaesco Valores, Sociedad de Valores will act as “co-managers”. Banca March and Renta 4 Banco will act as placement agents.
THE CNMV INVITES INVESTORS TO BE CAREFUL OF THE RISKS
Opdenergy is the first IPO with a retail tranche since 2015, which is why the National Securities Market Commission (CNMV) has “strongly” recommended that investors read the risk section of the prospectus “carefully”.
The document includes risks related to the evolution of the company’s results, with its business model, its growth plans or the sector itself, among other issues.
So, for example, it appears that Opdenergy suffered losses in 2020, 2021 and the first quarter of 2022, a situation that “may continue in the future”, warns the prospectus.
It is also noted that “the volatility of the price of electricity can have a negative impact” on the results of the company, as well as on its debt and its shareholders’ equity “due to the valuation of its purchase contracts Long-Term Electricity Plan (PPA, for its acronym in English).
On the other hand, Opdenergy warns that it may not be able to successfully implement its business strategy to become a large-scale independent power producer and achieve its “ambitious growth plan”.
“Our goal for 2025 is to reach 3.3 gigawatts (GW) of gross capacity of assets in operation and under construction, which means more than doubling our current gross installed capacity (1,586 megawatts) and our capacity under construction. and increase our operational capacity. “, emphasizes the company.