Acciona Energia IPO at lower end of price range

Spanish infrastructure and energy group Acciona’s renewable energy subsidiary Corporación Acciona Energías Renovables, S.A. (Acciona Energía) successfully went public yesterday. However, with an issue price of €26.73 and thus – with a total of 329,251,000 shares – a stock market value of €8.80 billion ($10.43 billion), the share started at the lower end of the price range, which had previously been set at €26.73 to €29.76 euros (we reported). At the close of the first trading day, the stock was quoted at 28.69 euros, bringing the company’s market value to just under €9.45 billion ($11.20 billion).
According to a »Reuters« report, CEO José Manuel Entrecanales, whose family controls the parent company Acciona, told shareholders that the current numerous IPOs in Europe, inflationary pressure and uncertainties regarding the regulation of the Spanish energy market were responsible for the stock’s rather slow start.
Acciona Energía operates globally and has a portfolio of renewable energy power plants with a total of 11.01 GW including 8.60 GW of wind, 1.41 GW PV and 0.87 GW hydro.

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