Spanish energy and water supply company Cox has reduced the size of its initial public offering to around €175 million, compared to 222 million euros previously plannedas reported on Tuesday in a statement to the National Securities Market Commission (CNMV).
In the information sent by the company, it modifies the size of its IPO, offering between 15.37 million and 17.10 million common shares, compared to the 17.57 million and 19.55 million new initial shares.
An additional 2,428 million shares are included corresponding to the over-allotment option granted to Banco Santander, BofA Securities Europe and Citigroup Global Markets Europe AG, its global coordinating entities.
What the company founded and chaired by Enrique Riquelme maintains is the price range for its debut on the Continuous Market of 10.23 euros to 11.38 euros per share. This Tuesday it is expected to set the final price for its debut.
With this cut in the offer, the value of the company would be between 810 and 901 million euros.
At the beginning of October, Cox, in which its subsidiary Cox Energy was already listed on BME Growth, informed the stock market regulator of its intention to jump into the market. Now, society will do so in the Continuous Market holding companyformerly Coxabengoa, after integrating the productive businesses of the Abengoa group, and which was renamed Cox.
Abengoa’s digestion
The acquisition of Abengoa is still being digested by Cox and, as the group has explained in its brochure for the IPO, in which it recognizes the risk implied by the fact that its productive units represent 91% of Cox’s assets. and contribute 94% of the income.
In fact, ongoing litigation over claims against the acquired Abengoa production units is around 359 million. In the first year after the purchase (May 2023-April 2024) it earned 55 million, earned more than 800 million and accumulated 11,500 employees.
ten years of life
The history of Cox begins in 2014, when Cox Energy Solar was established in Madrid with the projects developed by its president, Enrique Riquelme, since 2012. It then brought together its American and European subsidiaries. In July 2020, Cox Energy began trading on the Mexican Institutional Stock Exchange (BIVA) and, in July 2023, it began trading on BME Growth, the Spanish market aimed at expanding companies.
Also in 2023, in May, the assets and liabilities of the thirty Abengoa companies that went into competition were awarded and integrated them with Cox Energy to create Coxabengoa, focused on water and energy activities.
Last September, only the Cox name was left, reserving the Abengoa brand for geographic and technological areas where the company believes it helps create value and take advantage of the experience accumulated by that company over decades.
Thus, the Cox group now includes the divisions Cox Water (desalination and water treatment) and Cox Energy (electricity transmission and renewable energy generation, with 1 gigawatt of installed power and 3.6 in projects under development and construction).
Closely linked to its founder
The history of the company is closely linked to Enrique Riquelme, its founder, president and largest shareholder, who will remain so after the listing and who began his business career in his family group, with real estate and construction activities.
In 2009, Riquelme landed in Brazil to start some works for the 2014 Soccer World Cup and the 2016 Summer Olympic Games, and from there he made the leap to Panama.
Brazil has not been his only relationship with football, as his name has been mentioned in the media as a possible candidate to run for the presidency of Real Madrid, a football club of which he has been a member for more than twenty years.
Forbes In June 2018, Riquelme was presented as “the man of solar energy” and in 2023 the newspaper The World It placed him in position 350 on its list of the richest in Spain, with a net worth of 160 million. It now owns 77.85% of Cox, although when it goes public it will increase to between 59.32% and 61.40%, depending on the over-allotment of shares, which, in any case, will maintain control.
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