Spain's Holaluz starts IPO process

Spanish renewable power retailer Holaluz announced Monday it will float a portion of its share capital on Spain’s alternative equity market MAB, a sub-market for smaller companies, expecting to raise funds in the range of EUR 30 million to EUR 40 million (USD 33m-USD 44m).

The company said it had received the green light from MAB to begin the listing process, which could conclude in November.

This September, Basque pension fund entity Geroa EPSV became an anchor investor in Holaluz, securing a minority shareholding for EUR 10 million. Another minority shareholder is alternative asset manager Axon Partners Group, which invested in Holaluz in 2016.

The trio of Holaluz co-founders -- Carlota Pi, Oriol Vila and Ferran Nogue -- will keep the majority shareholding after the initial public offering (IPO), the company said, adding that the MAB listing is a stepping stone to the continuous market.

(EUR 1.0 = USD 1.10)

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