Transalta Renewables boosts IPO proceeds to USD 210m
Aug 29, 2013 - Canadian firm Transalta Renewables (TSE:RNW) has boosted the gross proceeds from its initial public offering (IPO) to CAD 221 million (USD 210m/EUR 159m) after the underwriters bought CAD 21 million worth of shares.
The underwriters were granted an over-allotment option of 3 million shares as part of the offering, which was wrapped up on August 9. They bought 2.1 million over-allotment shares at CAD 10 apiece, parent firm Transalta Corp (TSE:TA) said on Wednesday.
Transalta Renewables will use the net proceeds to pay down some of the outstanding amount under the previously announced deal for taking possession of 28 wind and hydropower projects from its parent. After the transfer of the projects, the spin-off will own 1,112 MW of assets.
Following the IPO, Transalta holds about 80.7% of Transalta Renewables’ common stock.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.