RWE says stake in Innogy is 76.8% following IPO

Frankfurt Stock Exchange. Author: Bankenverband - Bundesverband deutscher Banken. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

October 21 (SeeNews) - RWE AG (ETR:RWE) raised EUR 2.6 billion (USD 2.85bn) from the sale of shares in Innogy SE (ETR:IGY) and the German utility now holds a 76.8% stake in its new renewables, grids and retail operations unit.

On Thursday, the parent company said the greenshoe option, granted as part of Innogy’s initial public offering (IPO), has been exercised for nearly 2.67 million shares, or by about 21.1%. Thus, it brought additional proceeds of EUR 96 million for RWE.

Earlier this month, Innogy raised EUR 2 billion from the issuance of 55.55 million new shares at EUR 36 apiece. As part of the IPO, RWE sold over 70.7 million existing shares in the subsidiary at the same price. It previously said its proceeds could reach EUR 3 billion, including a potential greenshoe.

The Innogy shares started trading on the Frankfurt Stock Exchange on October 7, and the stabilisation period was terminated yesterday, October 20.

(EUR 1 = USD 1.1)

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Tsvet has been following the development of the global renewable energy industry for seven years now. She's got a soft spot for emerging markets.

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