Shares in Spanish renewables firm Ecoener fall on market debut (updated)

Ecoener SA

04/05/2021 13:56

(Adds detail, CEO quote)
    By Isla Binnie
    MADRID, May 4 (Reuters) - Shares in Ecoener  ECNER.MC  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.
    Ecoener's initial public offering (IPO) tested a market that
expects listings from several green energy firms, including a
unit of Spanish peer Acciona  ANA.MC  which could be valued at
more than 8 billion euros ($9.6 billion).  urn:newsml:reuters.com:*:nL1N2M72G0
    Shares in Ecoener, which develops and manages hydropower,
solar and wind installations, fell as much as 5% in early
trading, taking their value below the 5.90 euros pricing that
had valued the firm at 336 million euros.
    Ecoener reduced the size of its offer because of limited
demand, despite global interest in renewables and the effort to
cut carbon emissions.  urn:newsml:reuters.com:*:nL1N2ML1OX
    Luis de Valdivia, Ecoener's founder who had been the sole
shareholder, said the buyers were mainly long-term investors who
specialised in renewable energy. Most were from Northern Europe
and Britain, with 40% from Spain, he added.
    "Perhaps there was lower take-up from institutional
investors in Spain," he told a news conference on Tuesday.
    The deal followed a direct listing last week by insurance
firm LDA, whose shares jumped on their debut and have held
around 20% above their listing price.  urn:newsml:reuters.com:*:nL8N2MM3A9
    LDA sold no fresh shares, making Ecoener the first firm to
carry out an IPO in Spain since October.  urn:newsml:reuters.com:*:nL8N2HJ3VB
    Hot on Ecoener's heels, fellow Spanish developer Opdenergy
is taking orders for an IPO aimed at raising 375 million euros.
    Societe Generale  SOGN.PA  acted as global coordinator for
Ecoener, with Banco Sabadell  SABE.MC , Caixabank  CABK.MC ,
Credit Agricole  CAGR.PA  and HSBC  HSBA.L  as joint
bookrunners, and Banco Cooperativo Espanol co-lead manager.
 urn:newsml:reuters.com:*:nL1N2MN0LI
    
    ($1 = 0.8326 euros)

 (Reporting by Isla Binnie; Editing by Edmund Blair)
 ((isla.binnie@thomsonreuters.com; +39 06 8522 4392; Reuters
Messaging: isla.binnie.thomsonreuters.com@reuters.net))