December 4 (Renewables Now) - Spain-based independent solar power producer Solarpack Corporacion Tecnologica SA has priced the shares in its initial public offering (IPO) at EUR 8.3 (USD 9.4) apiece, at the lower end of the previously announced indicative price range.
Trading of Solarpacks stock on the Bilbao Stock Exchange is expected to start tomorrow, December 5, 2018, under the ticker “SPK.”
Solarpack is selling newly issued stock equal to 38.5% of its share capital, or up to 12.5 million shares. The number of newly issued shares could rise to a maximum of 13.75 million if the over-allotment option is exercised in full.
The Spain-based company intends to use the funds from the IPO to execute its 510-MW contracted backlog, consisting of projects to be built in the next 15-18 months in Spain, Chile and India. Solarpack will also use the money to acquire 13 MW of operating assets in Spain and to support the development of its 2.9-GW global project pipeline, it said previously.
Solarpack said that the transaction would give it a market capitalisation of EUR 266 million following completion.
(EUR 1.0 = USD 1.134)