Shares in Ecoener fell on their market debut on Tuesday after the Spanish renewable energy group slashed the size of its offer due to limited appetite, sending a potentially sobering signal to others seeking to list in the sector.
Spanish renewable energy company Ecoener has slashed the target size of its share issue by almost half, a day before closing order books and fixing a final price for what will be Madrid's first initial public offering this year.
By Reuters Staff
2 Min Read
MADRID, April 28 (Reuters) - Spanish renewable energy company Ecoener has slashed the target size of its initial public offering by almost half, a day before closing order books and fixing a final price for what will be Madrid’s first listing this year.
Ecoener had planned to raise up to 200 million euros ($219 million) to spend on new facilities including wind farms and solar parks, but said on Wednesday it was now aiming for a maximum of 110 million euros.
“During the process of placement (of orders for stock) Ecoener decided to adjust the size of the initial offering of ordinary shares,” the company said in a stock market filing.
By Reuters Staff
(Adds order books covered, background on other scheduled listings)
MADRID, April 28 (Reuters) - Spanish renewable energy company Ecoener has slashed the target size of its share issue by almost half, a day before closing order books and fixing a final price for what will be Madrid’s first initial public offering this year.
Ecoener had planned to raise up to 200 million euros ($219 million) to spend on new facilities including wind farms and solar parks, but said on Wednesday it was now aiming for a maximum of 110 million euros.
“During the process of placement (of orders for stock) Ecoener decided to adjust the size of the initial offering of ordinary shares,” the company said in a stock market filing.
Green energy firm Ecoener slashes size of Spain s first IPO this year reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.