Scatec Solar valued at $298m-$383m

Norwegian solar developer Scatec Solar is set to reach a final pricing for its Oslo exchange IPO on Thursday as it aims to raise NOK500 million ($78.8 million) from the issuance of new shares.

In a press release issued by the Oslo-based developer last week, the company predicted a share price ranging from NOK28-36 ($4.42-5.68) per share, valuing the company at NOK1.89 billion-2.43 billion ($298 million-383 million).

With the share price set to be decided on Thursday, Scatec is aiming to have its first day of trading on the Oslo exchange on Monday, September 29.

The IPO structure revealed Scatec AS is the current majority shareholder, with a 36.8% holding, and that Tokyo-based commodities trader ITOCHU Corp – together with ITOCHU Europe Plc – hold a significant, 36.1% stake in the Norwegian concern.