Enel Green Power IPO orders at 80%, strong interest from retail investors - report

(ADPnews) – Oct 28, 2010 – Orders in the initial public offering (IPO) of Enel Green Power, the green unit of Italy's power giant Enel SpA (BIT:ENEL) reached 80% of the offer on Wednesday, supported by solid retail demand, the Radiocor news agency reported citing sources close to the operation.
The demand by retail investors widely exceeded the minimum 15% portion of the offer that has been reserved for them, the sources said.
The offer will expire on Friday afternoon. In the meantime the management of Enel is proceeding with the IPO's roadshow and two teams, one led by Enel Green Power chairman Luigi Ferraris and the other – by CEO Francesco Starace returned on Tuesday from the United States, continuing their presentations in Europe. In the meeting with investors the management illustrated the value of Enel Green Power and its growth potentials.
The IPO price range is set between EUR 1.80 and EUR 2.10 per share after Enel had announced a pre-marketing evaluation of EUR 1.90 to EUR 2.40 a share.
According to some experts, in order to fully cover the order book, Enel might decide to price the shares at the lower level of its price range. Pricing in what is expected to be Europe's largest IPO this year will be announced on November 2.
Enel expects to raise some EUR 3 billion (USD 4.145bn) from the IPO, targeting debt reduction to below EUR 40 billion by 2014.

(EUR 1 = USD 1.382)

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