November 25 (Renewables Now) - The shares of Barcelona-based renewable power retailer Holaluz will begin trading on Spain’s alternative equity market MAB on Friday, November 29, making a debut with a market capitalisation of EUR 160 million.
The listing follows a EUR-30-million capital increase closed with institutional investors, alongside an offer by the Holaluz co-founders and shareholder Axon Capital Partners to sell EUR 10.4 million worth of shares, the company said.
Holaluz will free float 25.25% of the company under the ticker symbol HLZ at a price of EUR 7.78 per share.
After the initial public offering (IPO), Holaluz co-founders -- Carlota Pi, Oriol Vila and Ferran Nogue -- will control the company with a 48.750% stake, while alternative asset manager Axon Capital Partners and Basque pension fund entity Geroa EPSV will own 17.88% and 8.125%, respectively.
The Spanish company, which sells only electricity from 100% renewable sources, said it is targeting a customer base of 1 million and 50,000 solar photovoltaic (PV) installations by 2023.