The Spanish water and energy supply company Cox has announced its imminent listing on the stock market with the intention of raising up to 222 million euros. The shares are expected to go public around November 14, according to the information published this Tuesday by the company.
The company reported that it plans to set the price of the newly issued shares in a range of between 10.23 euros and 11.38 euros each, which would value the company at between 838 and 932 million euros. It expects to offer between 17.57 and 19.55 million common shares.
The group, which a little over a year ago formed Abengoa’s productive businesses After winning its award in an auction, it already has its subsidiary Cox Energy listed on BME Growth, the stock market for SMEs.
According to the IPO prospectus, Cox plans to use the net proceeds from the offering to partially finance its capital needs (47%) in relation to its strategic energy projects, as well as its identified water concession opportunities. It will also allocate them to identified transmission concession opportunities (which, in terms of kilometers, represent 11.90% of the total kilometers of its identified transmission concession opportunities).
The prospectus also indicates the intention to allocate the cash flows generated to continue the growth of the business, and does not anticipate distributing dividends over the next three years.
Investors will take around 30% of the offer
The company had already announced the commitment of investors to acquire around 30% of the offer. A company from the United Arab Emirates (Amea Power), a bank from Morocco (Attijariwafa Bank) and a Spanish company (Cunext Corporation) would thus join the founders in purchasing shares in their jump to the market.
Currently, the president and founder of the group, Enrique Riquelme, is the main shareholder with 77.85% of the capital, and after the offer, if the overallotment option is fully exercised, he could reduce his position to 59.32 %. Also included in the shareholding is Alberto Zardoya, who could go from his current 14.96% to 11.63%; HNA, with 4.65% of the company’s capital and which could be reduced to 3.44% after the operation.
The board of directors is currently made up of twelve members: Alberto Zardoya Arana (Proprietary); Alejandro Fernández Ruiz (Independent); Antonio Medina Cuadros (Executive); Arturo Saval Pérez (Independent); Cristina González Pitarch (Independent); Elena Sánchez Álvarez (Independent); Enrique José Riquelme Vives (Executive); Ignacio Maluquer Usón (Independent); Juan Ignacio Casanueva Pérez (Independent); Luis Arizaga Zárate (Independiente); Mar Gallardo Mateo; and Román Ignacio Rodríguez Fernández (Independiente).
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