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Dow Jones Newswires

June 18, 2021, 5:37 a.m. EDT

Acciona sets price range for renewables IPO, valuing unit at up to $15.36 billion

By Joshua Kirby

Spanish energy and infrastructure company Acciona SA late Thursday set the price range for the initial public offering of Acciona Energia, valuing the renewables subsidiary at up to 12.9 billion euros ($15.36 billion).

The price range for the Spain IPO will be between EUR26.73 and EUR29.76 a share, Acciona (MCE:ES:ANA) said. That gives Acciona Energia an equity value of between EUR8.8 billion and EUR9.8 billion, and an enterprise value of between EUR11.9 billion and EUR12.9 billion.

Acciona told market regulator the CNMC in a filing that it has authorized the placement of a minimum 15% and maximum 25% of the subsidiary’s share capital. The IPO may be increased by Acciona granting a call option representing between 10% and 15% of the initial offer, the company added.

The IPO provides a flexible framework and aims to attract investors that share Acciona Energia’s business plan and ESG vision, Acciona said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

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