August 8 (Renewables Now) - Spanish engineering and industrial construction company TSK Electronica y Electricidad SA is considering an initial public offering (IPO) of its renewables business Estudios y Energias Renovables SA (ESERSA).
A report on Thursday by Spanish business newspaper Expansion says TSK is in talks with banks with plans for a stock market launch in the first quarter of 2020. Expansion insider sources have said that up to 70% of the company’s shares could be floated. One of the options discussed is a combination of a free-float with the participation of anchor investors.
TSK recorded a net profit of EUR 23 million in 2018, up 53% year-on-year, and a 15% increase in sales to EUR 1.1 billion, according to its annual report. At the time of publishing, ESERSA had 50 MW of solar assets in operation and 300 MW more under construction. The report says it also has 3,000 MW of solar projects under development.
(EUR 1.0 = USD 1.12)