MADRID, June 7 (Reuters) - Spanish energy and infrastructure
group Acciona on Monday formally kicked off the listing
of its energy unit, saying it has hired banks including Credit
Suisse, Bank of America and Banco Santander
Berenberg, Credit Agricole, HSBC and
Societe Generale have also been retained, it said.
Though the energy group has still not disclosed details of
its valuation range nor how much Acciona Energy plans to raise,
it submitted on Monday a document with its official intention to
float, without providing a calendar.
Typically, companies float three to four weeks after issuing
their intention to do so.
The planned IPO has been one of the most closely watched
deals in Europe, with a number of other European energy firms
expected to take a similar path if it proves successful.
It is also expected to be one of the biggest stock market
listings this year, with the unit expected to be valued at 8
billion euros , banking sources told Reuters in
Renewable energy stocks have pulled back from their January
highs, casting some doubt over whether the sector would be as
warmly viewed by investors as previously. Smaller renewable firm
OPDenergy pulled a planned Madrid IPO earlier this year, while
Ecoener downsized its transaction.
However Acciona is seen as the main test for the renewable
space, given its size and reputation.
"I don't think the other companies have any implications for
Acciona," said a source close to the transaction. "Acciona is
the blue-chip name in this sector, and it could be the first of
several such deals in Europe in the coming years."
The company said proceeds will go to building more clean
energy capacity and paying down debt, which stood at more than
four times core earnings at the end of 2020.
Two people familiar with the matter said Acciona is looking
for a valuation of at least 10 times the unit's 2020 core
earnings of 831 million euros.
A third person familiar with the matter said in April the
deal could value the business at more than 10 billion euros.
Citi, JPMorgan, Goldman Sachs, Morgan
Stanley and Bestinver Securities are leading the deal.
($1 = 0.8224 euros)
(Reporting by Inti Landauro, Abhinav Ramnarayan and Jesús
Aguado; Editing by Jan Harvey)