The largest IPO in recent years in the Spanish market has started. Acciona has sent this Monday to the National Securities Market Commission (CNMV) the registration document of Acciona Energy, the step prior to the IPO prospectus that will be sent to the supervisor in the coming days and that allows the company to make prior presentations to investors, before the actual placement of shares.
It will be then when the market knows details of price, valuation in the Stock Market, calendar, number of shares for institutional, etc. But the document already offers some clues to the company’s goals with its renewables subsidiary.
To begin with, and as planned, confirm a policy of dividends with which you expect to distribute between 25% and 50% of your profit among shareholders, “starting at the bottom of the range”, to give the company “flexibility to increase its investments if opportunities increase”
In reality, and to date, “the company has not established a specific dividend policy.” However, he explains that “based on the consistency of our business model (…) the company plans to introduce a stable and flexible dividend policy depending on its future results and financial needs, of between 25% and 50%” .
The document also reveals the names of the executives who will form part of the company’s board of directors, which will be chaired by José Manuel Entrecanales. Total, the council will have 11 members, seven of them independent.
This list includes names such as Juan Luis López Cardenete, Karen Christiana Figueres Olsen, Alejandro Mariano Werner Wainfeld, Inés Elvira Andrade Moreno, María Salgado Madriñán and María Fanjul Suárez and Rosauro Varo Rodriguez, also an advisor to Prisa. Between the Sunday There is Entrecanales himself, Juan Ignacio Entrecanales and Sonia Dulá, while the chair of executive director will be occupied by Rafael Mateo Alcalá. Thus, 45% of its members will be women.
The Board of Directors will have two committees: the Appointments and Remuneration Committee and the Audit and Sustainability Committee. “The integration of Audit and Sustainability is a pioneering measure in the corporate world that reflects the importance that Acciona Energía gives to an excellent execution of its ESG policies”, they indicate from the company.
“The announcement of Acciona Energía’s IPO is an important milestone in our mission to build a world-leading renewable energy company and to play a central role in the global energy transition,” said Rafael Mateo, CEO of Acciona Energía .
“We are proud of our role as pioneers in renewable energy and believe that the deep experience we have gained in more than 30 years of operations, combined with a legacy of 100% clean power generation, underpin a strong track record of creating value.” .
The IPO, after which the company will be listed under the ticker code ANE, will consist of a secondary offer made by Acciona SA, the sole shareholder, as a preliminary step for its admission to trading on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges, through the Continuous Market.
Bestinver, Citigroup Global Markets, Goldman Sachs Bank Europe, JP Morgan Chase and Morgan Stanley Europe will act as “Joint Global Coordinators” for the offering.
Banco Santander, BofA Securities Europe, Joh Berenberg Gossler, Credit Agricole Corporate and Investment Bank, Credit Suisse Securities, HSBC Continental Europe and Société Générale will act as “Joint Bookrunners”.
Alantra Capital Markets, Banco Sabadell, ING Bank in cooperation with Stifel Europe Bank, Intesa SanPaolo, Mirabaud Securities, Mizuho Securities Europe, Norbolsa and RBC Capital Markets Europe will act as “Co-lead Managers”.
The company, which has 11GW renewables in 16 countries, expects to reach a total installed capacity of 20GW by the end of 2025. The company has identified 28GW in opportunities beyond 2025 with the goal of reaching an installed capacity of 30GW by 2030.