OPDE closed the books of its IPO and set a first price at 4.75 euros per share, at the lower end of the price range, set between 4.75 and 5.4 euros, which implies a valuation of 503 million euros. The company will debut on the market this Friday at 1:00 p.m. in the second attempt, as in 2021 it crippled the operation due to market volatility and low investment bank valuations. The fixed price implied that the price of the employee tranche amounts to 4.275 euros per share.
Its debut includes a section for retail investors, the first since Aena’s IPO in 2015. The company has allocated 7.9 million euros from the increase to this section, or 4% of the total. Spanish market supervisor CNMV warned small investors interested in attending the capital increase to carefully read the prospectus and the risks included.
The company, led by Luis Cid, will go public after posting losses last year, after having negative net worth and does not expect to pay dividends in the next three years. In 2021, OPDE recorded losses of 17.79 million, 70% lower than the previous year, and its revenues fell 68% to 43 million, due to lower EPC sales and the sale of assets. Some losses also extended into the first quarter of this year, in which the company lost 8.25 million.
The renewable energy company plans to raise 200 million euros on the market thanks to a capital increase with which it hopes to finance its growth plans: it hopes to reach 3.3 GW of capacity in 2025, which, according to its calculations, requires investments estimated at 2,037 million. Indumenta Pueri, the family office of the Mayoral family, has fulfilled its commitment to acquire 6% of the company.
Thus, the current shareholders will retain 71.6% of the company’s share capital (68.7% in the event of execution of the green shoe) and the free float will be 22.4%, extendable to 25.3% if the option over-allotment is exercised in full.
OPDE completed its financing plan this week by issuing 250 million euros of debt. An investment subscribed by the funds EIG and Generali Global Infrastructure and which will be structured in several tranches. In a first section, they were arranged 143.7 million, which mature in three years and will be used to finance the purchase of the securities issued last year and the costs of the operation. The rest can be done by successive issues until March 15, 2023. The company will make four issues of no less than 10 million each.
The debut of the energy company will be the first of the year on the Spanish Senior Stock Exchange, since so far only the minor stock exchange, BME Growth, has registered a debut. You have to go back a little over a year to remember the last start: Acciona Energía made its debut on July 1, 2021 in a transaction during which it raised 1,520 million euros and which involved the placement of 17.25% of its capital at a price of 26.73 euros per share, in what was the biggest IPO since Cellnex in 2015. Since then, 45.7% have been recorded.