Staff of Reuters 3 Minutes to Read (Reuters) – MADRID (Reuters) – The bookrunners of the deal said on Tuesday that Acciona is aiming for a valuation of 8.8 billion euros ($10.47 billion) for the listing of its renewable energy unit after selling the deal at the low end of its original range. PHOTO FROM THE FILE: On May 10, 2016, the logo of Acciona, a Spanish energy, construction, and services giant, is projected on a wall during the company’s annual shareholder meeting in Alcobendas, near Madrid. Sergio Perez/Reuters According to the bookrunners, Acciona is anticipated to lower the price at which it would sell shares in Acciona Energia, its most lucrative unit, from an initial range of 26.73-29.76 euros to 26.73 euros per share. Acciona, which had already stated on Monday that it planned to advertise its IPO at a reduced price range of 26.73 to 27.50 euros per share, declined to comment on Tuesday. Acciona wants to use the revenues to add to a renewable power fleet presently dominated by wind farms in the United States, Australia, Spain, Chile, and Mexico by 2025, spurred by a global drive to decrease planet-warming carbon emissions. Investors appear weary, and some IPO candidates have cancelled their plans, following a record number of stock offerings at the start of this year, some of which performed poorly on the market. In the 2021 ranking of large European IPOs, this would still be close to the 7.6 billion pounds ($10.58 billion) valuation reached by British online food delivery service Deliveroo, but lower than Vodafone’s infrastructure unit Vantage Towers’ 12.1 billion euros valuation. According to the bookrunners, the company is likely to offer up to 15% of the company, plus 15% of the over-allotment option, for a total listing of up to 17.25 percent. This is also a reduction from initial plans to list up to 25% of the energy unit plus 15% of the greenshoe option, resulting in a total of 28.75 percent of Acciona Energia being listed. Acciona Energia’s books are anticipated to close at 2:00 p.m. Madrid time (12:00 p.m. GMT) on Tuesday, ahead of its planned July 1 stock market debut. Acciona will raise roughly 1.32 billion euros from the 15% sale at 26.73 euros per share, making it the largest IPO in Spain since mobile phone mast provider Cellnex debuted in May 2015. If the greenshoe option is included, the total might reach 1.52 billion euros. (1 dollar Equals 0.8400 euros) Arno Schuetze, Jesus Aguado, and Inti Landauro contributed reporting, while David Evans edited the piece./n
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