Acciona has set the price range for shares to be sold in its renewable energy unit’s upcoming initial public offering (IPO), valuing the division at up to €9.8 billion.
The non-binding price range for the sale of the Acciona Energia shares will be €26.73-29.76 per share, according to a note filed with Spain’s National Securities Market Commission (CNMV).
Acciona’s board of directors has authorised offering 15-25% of Acciona Energia’s shares in the IPO .
The €26.73-€29.76 share price represents a market value for Acciona Energia of €8.8 -9.8 billion. Including debt and cash balances, it is equivalent to a total company value of €11.9-12.9 billion.
Acciona is due to submit a prospectus for the IPO to the Spanish stock exchange shortly.
Shareholders at Spanish energy and engineering company Acciona approved plans for the company to spin off its Acciona Energia renewable power business and list shares on the stock exchange in April.
Acciona hopes the flotation will give greater visibility to its strategic business line — including the development of renewable energy projects, reduce its capital costs and strengthen its balance sheet, it explained.