The energy infrastructure and water treatment group Cox plans to debut on the stock market this Friday with a market capitalization of around 805 million euros, after successfully completing the capital increase process.
After several adjustments and delays, since initially the debut in the Spanish market was scheduled for this Thursday, Cox set its IPO at a price of 10.23 euros per share, the minimum amount of the price range that it was considering (of 10.23 euros to 11.38 euros per title).
The share price was revealed after the company reduced the size of its IPO to about 175 million euros from around 200 million euros on Tuesday, according to documents submitted to the Spanish securities regulator.
Assuming 10 million euros in shares awarded to Santander, which acted as “stabilizing manager” for the offering, as an over-allotment, the company is likely to raise a total of 185 million euros, he said. The company had said it would use the funds raised in the IPO to partially finance the capital needs of its energy projects and to invest in water concessions.
Its subsidiary Cox Energy is already listed on BME Growth. Now it will do so in the Continuous Market with the holding company, formerly Coxabengoa, after integrating the productive businesses of the Abengoa group, and which was renamed Cox.
The company had announced its exit plans before shares in European clean energy groups fell following the election of Donald Trump, as investors worried about a possible unwinding of US support for renewable energy and climate policy.
“Despite a difficult IPO market, the investor demand reflected in our pricing is testament to the value investors see in our strategy and track record, as well as the growth prospects ahead in water and energy,” Cox CEO Enrique Riquelme said in a statement.
Riquelme controlled 77.85% of Cox before the IPO and said he intended to retain more than 63%.
Cox’s will be the second debut in the Spanish market this week, after this Tuesday’s of Inmocemento, the new company with headquarters in Barcelona that brings together FCC’s real estate and cement businesses.
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