Shares in the renewables division of Spanish utility Acciona were up 7.3% on their initial public offering (IPO) price during their maiden day of trading on 1 July.
Acciona Energía started trading on the Spanish Stock Exchanges with an offering price of €26.73 per ordinary share, giving the unit an initial market capitalisation of €8.8 billion (US$10.4 billion). Shares were valued at €28.69 at the end of the first day of trading and have since reached a high of €29.50 today (5 July).
The company put 15% of its share capital on the market as it aims to lower its cost of capital and increase its installed solar PV capacity from 1,236MW as of December 2020 to approximately 6GW by 2025.
“The positive market reception the IPO has received underlines how we are perfectly placed to capitalise on the enormous growth opportunities in the global clean energy sector over the coming years,” said José Manuel Entrecanales, chairman of Acciona Energía.
The strong early performance contrasts with declining share prices among some Spain-listed solar companies. Share prices of tracker supplier Soltec are down 47% so far this year while those of solar project developer Solaria have fallen 35%.
Greenvolt plans IPO to support European solar expansion
The company, which is owned by pulp producer Altri, applied for its ordinary shares to be admitted to trading on Euronext Lisbon, targeting a minimum free float of 25%.
Greenvolt said it plans to develop 3.6GW of solar PV and wind projects in Poland, Greece, Romania and Portugal by the end of 2025, investing between €1.5 billion and €1.8 billion in its expansion by 2025.