Spanish solar trackers maker Soltec mulling IPO - report
Soltec bifacial solar modules for Enel's Mexican plant
Spanish solar trackers manufacturer Soltec Energias Renovables SL is planning an initial public offering (IPO) for late 2020 or early 2021 depending on market conditions, business news outlet Cinco Dias reported on Thursday citing financial sources.
The company is said to have hired Spanish lenders Banco Santander SA (BME:SAN) and CaixaBank SA (BME:CABK) to steer the process.
The goal is to raise capital to finance Soltec’s growth plans, the Cinco Dias report states. The company is reportedly worth around EUR 300 million (USD 336.2m).
Its two shareholders, CEO Raul Morales Torres and businessman Jose Moreno Riquelme, are not expected to part with their slice of the share capital, according to the newspaper’s sources.
Morales owns a 30% stake in Soltec through a company named Valueteam, while Moreno Riquelme holds the remaining 70% through Grupo Corporativo Sefran SL.
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