Spanish solar tracker firm Soltec closes 1st day of trading up 11%
Soltec Power Holdings CEO Raul Morales at the bell ringing event in Madrid. Image by Soltec on Twitter (@SoltecTrackers)
Spanish solar trackers maker Soltec Power Holdings SA (BME:SOL) made a stock market debut on Wednesday, raising EUR 150 million (USD 175.8m) in the initial public offering (IPO).
On the first day, Soltec’s shares rose by 11% to EUR 5.35 in an otherwise bearish session in Spain.
Soltec priced the offering at EUR 4.82 per share, valuing the company at about EUR 440 million. Following the IPO, Grupo Corporativo Sefran SL, led by businessman Jose Moreno Riquelme, and Soltec’s CEO Raul Morales Torres, through Valueteam SL, have remained the majority shareholders in the company.
Soltec said it would use the proceeds from the offering to grow its two business lines -- Soltec Industrial, through which it manufactures trackers, and Powertis, its PV projects developer. According to Soltec’s count, the company has delivered trackers for about 7.1 GW of solar projects since it was founded in 2004.
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