Solarpack’s prospectus approved by CNMV ahead of Initial Offering
Post date: 20/11/2018 - 19:40
The Comisión Nacional del Mercado de Valores (CNMV) approved the prospectus for the Initial Offering of shares of the Spanish Solarpack Corporacion Tecnologica SL. The company will sell newly issued shares representing up to 38.5 percent of the company’s share capital after offering completion (up to 12.50 million shares), which could increase to a maximum of 40.7 percent of the company’s share (up to 13.75 million shares). The indicative and non-binding price range guidance has been set between € 8.0 and € 10.3 ($9.14 to $11.77) per share.
The company’s current shareholders will not sell any of their shares in the offering and will subscribe new shares for an aggregate amount of €5 million ($5.7 million). Upon settlement of the offering, assuming that all the shares are subscribed, they will hold in aggregate 63.5 percent of the company’s issued share capital (or 61.1 percent if the over-allotment option is fully exercised) at the lower end of the offering price range. The offering is exclusively addressed to institutional investors, with the shares expected to be listed on the Madrid, Barcelona, Valencia and Bilbao Stock Exchanges.
Solarpack is a vertically integrated, international independent solar PV power producer in fast-growing energy markets with project development capacities across Europe, North America, Latin America, Asia and Africa. The company operates through three global divisions (the Development & Construction, the Power Generation and the Services divisions). The gross proceeds will be primarily invested in the execution of its 510 MW contracted backlog, in the acquisition of 13 MW of operating assets in Spain, and to further develop its 2.9 GW pipeline of future projects worldwide