December 6 (Renewables Now) - Spain-based solar company Solarpack Corporacion Tecnologica SA (BME:SPK) began trading Wednesday on the Bilbao, Madrid, Barcelona and Valencia stock exchanges after raising some EUR 100 million (USD 113.5m) in an initial ordinary share offering.
Institutional and qualified national and international investors participated in the initial public offering (IPO), including a significant share of Spanish backers and specialist funds. CEO Pablo Burgos yesterday marked the start of trading with a traditional ringing of the opening bell at the Bilbao Stock Exchange.
The stock sold in the offering is equal to 36.7% of Solarpack’s capital. The proceeds may rise by EUR 10 million if the over-allotment option of up to 1.25 million shares is exercised in full.
The Spain-based company, which has three divisions -- services, energy generation and construction and development, intends to spend the amount raised on 510 MW of contracted backlog, consisting of projects to be built in the next 15-18 months in Spain, Chile and India. Solarpack will also use the proceeds to acquire 13 MW of operating assets in Spain and to support the development of its 2.9-GW global project pipeline.
The company does not plan to pay cash dividends in the first three to five years from the listing. It has adopted a policy of reinvesting benefits in its projects in order to support its long-term growth and increase its value to shareholders.
(EUR 1 = USD 1.135)