Madrid - Iberdrola Renovables, the renewable energy unit of Spain's top energy company Iberdrola, was Thursday floated on the Madrid stock exchange, fetching the unexpectedly low price of 5.2 euros per share.
The stock market entry was Spain's biggest ever in terms of net profits, which amounted to nearly 4.5 billion euros (6.6 billion dollars).
The stock market price remained below the 5.3 euros set at the bottom of the indicative price range. The company was thus valued at around 22 billion euros.
Iberdrola chairman Ignacio Sanchez Galan nevertheless described the decision to float the company as the correct one, saying Iberdrola Renovables had a growth potential of between 30 and 40 per cent.
The subsidiary of Bilbao-based Iberdrola describes itself as the world's largest owner of wind-energy plants and leading producer of energy from clean technologies.
The company had investment plans worth 9 billion euros for the next three years, Sanchez Galan said.
In hedging its bets on clean energy, Iberdrola had 'the right vision given the need to reduce emissions and to satisfy present and future energy needs,' he added.
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