It’s official. Opdenergy has become this Friday the first IPO on the Continuous Market, although it has been difficult to realize at the close: the firm has ended its first session exactly where it started, at 4.75 euros, after having closed the placement in the range low valuation. The bell has rung one hour after the scheduled time due to the lack of a document pending verification by the CNMV.
The renewable energy firm set its starting price at 4.75 euros per share, within a range that reached up to 5.40 euros. “It is true that we had the price covered in the low range already on the first day, but the range that was set was the one in which the shareholders were willing to transact. During the roadshow we were collecting the orders and the demand and we thought that it made sense close the operation in the low range, thinking about the aftermarket and what investors we wanted to have”, stated the , in statements prior to its debut on the Madrid Stock Exchange this Friday.
The company has a capitalization of more than 700 million euros (at the time of its debut), thanks to the capital increase valued at 200 million euros. Of these, 8 million (4% of the total) have been subscribed by retail investors and have been in excess demand, although the company has not wanted to reveal the exact data. Cid acknowledged that “from the beginning they thought that it could make a lot of sense for us as a complementary demand. The tranche has been oversubscribed. We also think that it will give us liquidity to the action. And with respect to the risks for retailers they are exactly the same as the institutional”.
Regarding the investors that have entered into the placement, the renewable company clarifies that they are a long-term profile, such as the Mayoral family that has 6% of the capital (through Indumentaria Pueri), and international and Spanish managers, with shares of less than 3%. Some of the retail investors with investment orders of more than 100,000 euros have been referred to the institutional tranche, with which the retail part has been covered by purchases of less than this figure, thanks to the placement carried out by Renta 4.
This is the first company to go on the Continuum and reserve part of the placement for since Aena did it in 2015, with 10% of the volume raised in the capital market. In total, twelve companies in the renewable energy sector are currently listed, with a joint capitalization of 20,000 million euros.
Opdenergy has decided to take advantage of the window of opportunity that it has found in the month of July, despite the volatility that plagues the stock markets. A year ago, he decided to cancel the operation 48 hours after putting his first foot in the market, given the competition that the firm also faced with the IPO of Acciona Energía, a green energy giant that capitalizes almost 13,000 million euros in the market.
“The renewable sector is clearly with a tailwind. The conflict in Ukraine has placed more emphasis on accelerating the installation of renewables and facilitating energy independence, and, on the other hand, a factor that was already present in recent years, which is the fight against climate change. Supported by this favorable wind that the sector has, we asked ourselves when it might make sense to carry out an operation and we understood that there was visibility in the demand”, concluded the CEO of Opdenergy.
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