Acciona narrows price range of renewables unit ahead of listing

Spanish infrastructure group Acciona SA (BME:ANA) has narrowed the indicative price range for the listing of its renewables subsidiary, it said in a regulatory filing on Monday.

The shares of Corporacion Acciona Energias Renovables SA (Acciona Energia) will be offered at a minimum price of EUR 26.73 and a maximum EUR 27.50 (USD 31.83-USD 32.74) in the initial public offering (IPO), a reduction from an initial price range of EUR 26.73-EUR 29.76.

With the tighter indicative price range, Acciona Energia would be valued up to EUR 9.05 billion -- within the EUR 8.8 billion-EUR 9.8 billion valuation that the parent company was expecting.

The renewables business, which boasts 11 GW of installed capacity, is scheduled to make a debut on Spain's stock exchanges on July 1.

Acciona was targeting the sale of 15% to 25% of the share capital of Acciona Energia, an equivalent to roughly 49.4 million and up to 82.3 million shares, excluding the over-allotment.

Last week, the group announced it had received enough non-binding share purchase proposals from investors to ensure a placement of 15% of Acciona Energia’s share capital, plus 15% of the initial offering size as part of the over-allotment option.

On Monday, Acciona added that this investor demand falls within the revised indicative price range.

(EUR 1.0 = USD 1.191)

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