Spain’s Acciona seeks $11.6 billion valuation in renewable IPO



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Spain’s Acciona seeks $11.6 billion valuation in renewable IPO

Acciona SA, the Alcobendas-headquartered Spanish multinational infrastructure and renewable energy conglomerate employing over 34,000 workers across the globe, said later this week that the renewable energy giant was looking to a roughly €9.8 billion valuation following a 25 per cent public market floatation of its energy business that produces 21 terawatt-hours of green electricity a year.

In effect, Acciona SA’s public market listing of 25 per cent of its energy business would brand one of the biggest listings in Europe this year thus far. Nonetheless, latest move of Acciona to seek a valuation of €9.8 billion for its energy business, has been lower than a €12.1 billion valuation achieved by Vantage Towers, the infrastructure unit of Vodafone, in a chartbuster debut in March, however, the Acciona SA deal would be much higher than a £7.6 billion valuation secured by the UK-based online food delivery company Deliveroo in March this year.

Acciona SA targets up to €9.8 billion valuation

Alongside this, the 24-year old Spanish infrastructure and renewable energy conglomerate was quoted saying in a statement that it had been detailing a plan to float 25 per cent of its energy unit in domestic market at a targeted price range between €26.73 and €29.76 per share, which in effect would raise a lump-sum of €2.45 billion without activating an over-allotment option for the joint global coordinators of the deal.

In tandem, Acciona SA’s planned Initial Offerings of its renewable energy business, which would be the largest in Spain in more than six years, came against a baleful backdrop of renewable energy stocks which had sharply retreated from their January highs, casting fresh doubts over the lucrative sector in a near future despite global-scale efforts to curb usage of fossil fuels.