Solarpack Secures Approval For IPO

Spain’s Solarpack Gets Green Signal From Country’s Comisión Nacional del Mercado de Valores For IPO; Official Launch On December 5, 2018 With Per Share Tentatively Priced Between €8.0 and €10.3 ($9.12 and $11.74)
04:19 AM (Beijing Time) - 23. November 2018
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Solarpack says it has developed 529 MW of solar power capacity in 6 nations, and has equity interests in 11 projects located in Spain, Chile, Peru and India. It now wants to use the proceeds it raises from the planned IPO to further develop its 2.9 GW pipeline of future projects globally. (Photo Credit: Solarpack)

Key Takeaways

  • Solarpack has secured permission from country’s CNMV to launch its initial public offering (IPO)
  • Initial price per share has been fixed between €8.0 and €10.3 ($9.12 and $11.74)
  • Final price will be determined on or about December 3, 2018 when the book-building process is complete
  • Proceeds will be used by the company to execute its 510 MW contracted backlog, to acquire 13 MW of operating assets in Spain and to further develop its 2.9 GW pipeline of future projects

Spanish solar power project developer Solarpack Corporación Tecnológica, S.A. will be launching its initial public offering (IPO) on December 5, 2018, after having received approval from the regulator, Comisión Nacional del Mercado de Valores (CNMV). The company will price per share between €8.0 and €10.3 ($9.12 and $11.74).

The final offer price will be determined on or about December 3, 2018, following the completion of a book-building process that will start on November 20,2018 and end on December 3, 2018, as per the official statement from Solarpack.

Solarpack says its market capitalization will be between €260 million and €306 million ($296.5 million to 348.9 million) after offer completion. It plans to invest gross proceeds to execute its 510 MW contracted backlog, to acquire 13 MW of operating assets in Spain and to further develop its 2.9 GW pipeline of future projects. The company says it has developed 529 MW in 6 nations since 2005.

The Spanish developer is exclusively targeting institutional investors through its IPO with shares expected to be listed on the Madrid, Barcelona, Valencia, and Bilbao Stock Exchanges on December 5, 2018 under the ticker SPK.

On November 5, 2018, Solarpack announced its intention to raise €100 million with an IPO (see Spanish PV Developer Planning IPO).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani