November 21 (Renewables Now) - The prospectus for the EUR-100-million (USD 113.7m) floatation of Spain-based independent solar power producer Solarpack Corporacion Tecnologica SA has been cleared by domestic market regulator Comision Nacional del Mercado de Valores (CNMV), it was announced on Tuesday.
As part of the initial public offering (IPO), the Spanish firm will put up for sale newly issued stock equal to 38.5% of its share capital, or up to 12.5 million shares. The number of newly issued shares could rise to a maximum of 13.75 million if the provided over-allotment option has been exercised in full.
The sale, to be conducted among institutional investors, will give Solarpack a market capitalisation of between EUR 260 million and EUR 306 million following completion. The company has set an indicative and non-binding price range of EUR 8-10.3 per share.
The Spain-based company intends to use the funds raised from the IPO to execute its 510-MW contracted backlog, consisting of projects to be built in the next 15-18 months in Spain, Chile and India. Solarpack will also use the money to acquire 13 MW of operating assets in Spain and to support the development of its 2.9-GW global project pipeline.
Solarpack expects its shares to be listed on December 5.
(EUR 1.0 = USD 1.137)