OPDE made its debut on the stock market and did so with timid gains. The company has set its first price at 4.79 euros per share, 0.6% above the 4.75 euros initially set. After the initial euphoria that sent shares up 1%, indecision set in and an hour and a half to close it trades on the charts. The company managed to debut on the stock exchange despite a delay of more than an hour due to problems with the final documentation sent to the CNMV. With this, he succeeded in the second attempt to register on the Spanish market and also become the first IPO of the year on the Senior Stock Exchange, because until now only companies had made their debut on BME Growth, the segment of small and medium enterprises. BME’s growing businesses.
The renewable energy company had closed the books for its IPO and set an initial 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.
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 market, since so far only the small stock market, the 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 registered.