Cox is being clouding its IPO, but the company wants to ring the bell no matter what this Thursday. This Tuesday, the energy company was to announce the fixing price of its shares. He didn’t do it. On the other hand, it has significantly lowered expectations for its stock market debut.
On Tuesday morning, via a relevant fact of the CNMVCox reported that cut the size of its offer to 175 million. Initially, the energy company hoped to raise between 190 and 210 million euros, with the price range provided. Now, the firm will place between 15.4 and 17.1 million ordinary shares in the Spanish market, compared to between 19.5 and 17.6 million previous titles.
All this was happening while the market was waiting to know the final price at which the shares would begin trading on the Spanish stock market this Thursday. But this price did not arrive. Almost at 2 in the morning, The National Securities Market Commission published a new relevant fact. Cox decided extend the placement period one more dayuntil this Wednesday.
And, again, given the attentive expectation of the market, the company has announced that cuts over-award option from 15% to 10% of bid size. This notable drop in expectations does nothing more than assume that Cox wants to go out any price to bag. Even if this means having to cut the value of their shares compared to the range provided.
In its prospectus, the company placed the price range of its shares between 10.23 and 11.38 euros, which placed Cox’s capitalization between 837 million and 931 million euros. Now, however, this reduction in the conditions of the offer suggests that the company’s market value will be lower.
Cox’s bell ringing, for the moment, still stands for this Thursday, November 14. And, it also arrives after the collapse of Inmocemento in its debut in the Spanish market this past Tuesday. The company, a spin-off of FCC, lost almost 10% of its value on the day of its stock market debut.
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