Solarpack Trading On Spanish Stock Markets

Spanish Solar Project Developer Solarpack’s IPO Launch Garners €100 Million ($113 Million) New Financial Reserves, Could Be Extended By €10 Million ($11.33 Million)
05:43 AM (Beijing Time) - 13. December 2018
solarpack

The proceeds from its IPO Solarpack will use to execute 510 MW of contracted projects, acquire 13 MW of operational assets in Spain and development of additional projects within a worldwide portfolio of 2.9 GW. (Photo Credit: Solarpack)

Key Takeaways

  • Solarpack has debuted on the Spanish stock markets of Madrid, Valencia, Bilbao and Barcelona under the ticker of SPK
  • With per share price of €8.3 ($9.40), total offering accounted for 36.7% of the company’s capital
  • It raised €100 million ($11.33 million) as new financial reserves, that could be extended by €10 million ($11.33 million) under a greenshoe clause allowing participating banks to buy additional shares at the offering price
  • The company plans to reinvest future dividends to develop new projects to drive long term growth of the company

Solar power project developer Solarpack executed its initial public offering (IPO) on December 5, 2018 and started trading on the Bilbao, Barcelona, Madrid and Valencia stock markets under the ticker SPK. It offered a price of €8.3 ($9.40) per share for the total offering representing 36.7% of the company’s capital. This got the Spanish company €100 million ($113 million) in new financial reserves, which could be extended by €10 million ($11.33 million) under a greenshoe clause allowing participating banks to buy additional shares at the offering price.

The company had earlier planned to tentatively price its shares in the range of €8.00 to €10.3 ($9.12 and $11.74) after it received a green signal from the country’s Comisión Nacional del Mercado de Valores to launch the IPO (see Solarpack Secures Approval For IPO).

Solarpack said it was backed by a group of institutional and qualified national and international investors, with a high proportion of Spanish backers and specialist funds, in a brief placement process that was not affected by adverse market conditions.

As shared earlier, the company will use the proceeds to execute 510 MW of contracted projects, acquire 13 MW of operational assets in Spain and development of additional projects within a worldwide portfolio of 2.9 GW.

Future dividends will be reinvested to develop new projects to drive the long-term growth of the company and increase its value to shareholders, it said. Solarpack is not expecting to pay cash dividends on the shares during the first three to five years from the offering, it said.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani