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Spain’s Acciona targets $11.6 billion valuation through renewables IPO

Spain’s Acciona said on Thursday it was targeting a valuation of up to 9.8 billion euros ($11.66 billion) for its energy business following the listing of up to 25% of this unit, in what will be the largest IPO in Spain in more than six years.

The energy and infrastructure group said in a statement it planned to price its energy unit on the domestic stock market at between 26.73 euros and 29.76 euros per share, raising as much as 2.45 billion euros without taking into account an over-allotment option to the joint global coordinators of the deal.

With the so-called greenshoe option of between 10% and 15% of the offer, the deal could be worth up to 2.817 billion euros.

The IPO, addressed to qualified investors, will be carried out through the placement by parent company Acciona of ordinary shares of its unit, under the terms set in the prospectus to be submitted to the CNMV, it said.

The price range would give its energy unit a valuation of between 9.8 billion euros and 8.8 billion euros, higher than the current group’s valuation of 7.56 billion euros.

($1 = 0.8402 euros)
Source: Reuters (Reporting by Jesús Aguado and Isla Binnie; editing by Emma Pinedo and Diane Craft)

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