Iberdrola Renewable's Unit IPO Set
For Dec 13
Nov 22, 2007 - Christopher Bjork
- Dow Jones News
MADRID -(Dow Jones)- Shares in Iberdrola Renovables,
the renewable energy unit of Spanish power utility
Iberdrola SA (IBE.MC), are set to start trade Dec.
13, in one of the biggest initial public offerings
In the IPO prospectus -approved Thursday by the
Spanish stock market regulator -Iberdrola said 65%
of about 845 million shares up for sale will be offered
to international institutional investors. Antoher
15% will go to Spanish institutional investors and
20% to retail investors and employees.
Earlier this week, Iberdrola set a price range for
the offering of EUR5.3 a share to EUR7/shr, valuing
the company at between EUR22.4 billion and EUR29.57
billion. The company plans to float a 20% stake.
Iberdrola is the world's biggest wind-power generator
and the largest power utility in Spain by market value.
Company Web site: http://www.iberdrola.com
-By Christopher Bjork, Dow Jones Newswires, 34 913958125,