Portugal's Greenvolt seeks valuation of up to $687 million in IPO (updated)
02/07/2021 11:55
(Adds valuation, details)
By Inti Landauro and Sergio Goncalves
MADRID, July 2 (Reuters) - Portuguese biomass energy firm
Greenvolt said on Friday it was targeting a valuation between
543 million euros and 581 million euros ($687 million) with the
listing of up to 25.2% of its shares planned on July 13.
Greenvolt, which is fully owned by Portuguese pulp producer
Altri ALSS.LS , plans to raise up to 206 million euros through
a stock market listing to fund its expansion, including in
European solar parks and wind farms.
The company had said last week it planned to raise around
150 million euros from the listing.
Greenvolt has set a target price for its shares of between
4.25 euros and 5 euros in a bookbuilding period held between
Friday and July 8. The process will include a 15% greenshoe
option open to the joint global coordinators of the deal.
"We are extremely encouraged by the great initial reception
among specialised investors of our IPO," Chief Executive Joao
Manso Neto said in a statement.
Greenvolt shares will be listed on Euronext Lisbon.
Renewable energy companies in Spain and Portugal are lining
up to tap the market for funds, with the industry becoming
increasingly popular among investors worldwide as governments
and corporations try to wean themselves off fossil fuels and
stem climate change.
Greenvolt's initial public offering follows the one carried
out by Acciona Energia ANE.MC on Thursday in Madrid.
Acciona Energia's shares rose more than 7% on their first
trading day, valuing the company at 9.4 billion euros, one of
the most valuable stock market debutantes in Europe this year.
Greenvolt, which operates five forest biomass-fired
thermoelectric plants in Portugal, plans to invest as much as
1.8 billion euros by 2025 in solar photovoltaic and onshore wind
projects elsewhere in Europe.
In addition to the IPO, Greenvolt will grant new shares
worth 56 million euros to the shareholders of Polish renewable
energy firm V-Ridium in exchange for their company.
($1 = 0.8455 euros)
(Reporting by Sergio Goncalves and Inti Landauro; Editing by
Elaine Hardcastle and David Evans)
((Inti.Landauro@thomsonreuters.com;))