Spain’s Solarpack goes public on Dec. 5

Share

Spanish solar company Solarpack has now a date for its IPO: as reported by the company in a filing with the National Securities Market Commission (CNMV), the prospectus of the Initial Public Offering was approved yesterday.

Solarpack will increase capital with the sale of newly issued shares that will represent up to 38.5% of the Company’s capital once the offer will be subscribed (up to 12.50 million shares), which could increase to a maximum of 40.7 % (13.75 million shares), if the option of over-allocation of up to 10% of the initial offer is exercised.

The current shareholders of the Company will not sell any of their shares in the offer and will subscribe new shares for an aggregate amount of €5 million.

The primary offer is exclusively directed to institutional investors. The market capitalization of Solarpack will be between €260 and €306 million after the offer, according to the indicative and non-binding price range, which has been set between €8.0 and €10.3 per share offered and without considering the potential exercise of the Green Shoe.

The raised funds will not be distributed “during the three to five years after the offer”, but will be invested mainly in the execution of the contracted portfolio of projects of the company, in the acquisition of 13 MW of operating assets in Spain and in the development of its additional portfolio of projects.

When Solarpack announced its intention to go public in early November, it said: “the funds obtained will be used by the company, first, to pay the costs of the offer; second, to acquire operating assets in Spain with an installed capacity of approximately 13 MW; thirdly, to finance investments for the development and construction of the Granja project in Chile, the Monclova and Grullas plants in Spain and the KA2 project in India, and, fourthly, for other general corporate purposes (including investment in the development of the company’s asset portfolio)”. Solarpack ensures that its additional portfolio of projects totaling 2.9 GW worldwide.