- The renewable energy company listed on the main market under the symbol ENER with a market cap of approximately €336 million
- Ecoener CEO Luis de Valdivia rang the symbolic bell to commence the shares’ trading at midday at a ceremony broadcast live from the Madrid Stock Exchange
- The offering will allow Ecoener to reinforce its growth strategy in the renewable energy sector and consolidate its future position.
Madrid, 4 May 2021.- Shares in Grupo Ecoener, S.A. (“Ecoener” or the “Company”), a long-term renewable energy company from the Spanish region of Galicia, began trading today on the Madrid, Barcelona, Bilbao and Valencia stock markets (the “Spanish Stock Markets”), listing on the main market under the symbol “ENER”.
The debut took place at midday with the traditional honorary opening and bell ringing ceremony at the Madrid Stock Exchange, and was attended by David Jiménez-Blanco, Chairman of the Madrid Stock Exchange. All the pertinent public health measures were in place for the ceremony, which was broadcast live.
Ecoener CEO Luis de Valdivia said he was delighted with the milestone this IPO represents: “Ecoener will now multiply its steady growth in the renewable energy sector and consolidate its position as a robust, stable, long-term operator.”
Ecoener has called for advantageous legislation to support the development of mid-sized companies in Spain. “We are determined to remain true to our values: we have always had a clear focus on sustainability and on professional development for the people who form part of our team.”
Luis de Valdivia added: “We wanted to bring a touch of nature to the Stock Exchange, so all of the native plants we have brought along to the ceremony will be planted at our hydroelectric plants and wind farms in Galicia.”
Overview of the Offering
According to the prospectus and supplement for the offering, approved by the Spanish securities market regulator (“CNMV”) on 15 April 2021 and 29 April 2021 respectively, the transaction is structured as an initial offering of newly-issued ordinary shares representing 29.8% of Ecoener’s share capital following the listing.
Undertaken through a single tranche aimed at domestic and international institutional investors, the listing price was set at €5.90 euros per share, giving Ecoener a market capitalisation upon listing of approximately €336 million.
Following the offering, the sole owner of the company prior to the transaction, Ecoener, S.L.U., will retain 70.98% of the share capital, although its commitment to the CNMV to inject additional liquidity could see it sell down its stake to 68.98%, in accordance with the terms outlined in the aforementioned supplement.
The offering will allow Ecoener to reinforce its growth strategy in the renewable energy sector and consolidate its future position in the market. The funds raised will be channelled primarily into the organic growth of the company via the development of its project portfolio.
Société Générale acted as senior global coordinator and joint bookrunner on the offering and CaixaBank, S.A. acted as global coordinator and joint bookrunner, whilst Banco de Sabadell, S.A., Crédit Agricole Corporate and Investment Bank and HSBC Continental Europe acted as joint bookrunners and Banco Cooperativo Español S.A. was lead manager (together, the “Underwriters”). Latham & Watkins LLP acted as legal advisors to the company and Linklaters, S.L.P. acted as legal advisors to the underwriters. The company’s auditors are KPMG Auditores, S.L. and Deloitte are the accounting consultants for the offering.