Spain’s Acciona targets 9.8 billion valuation through renewables IPO

FILE PHOTO: The logo of Spanish energy, construction and services conglomerate Acciona, is seen during company’s annual shareholders meeting in Alcobendas, outside Madrid, May 10, 2016. REUTERS/Sergio Perez

MADRID (Reuters) – Spanish energy and infrastructure group Acciona said on Thursday it was targeting a valuation of up to 9.8 billion euros ($11.66 billion) for its energy business following the listing of 25% of this unit.

Acciona said in a statement it planned to price its energy unit on the domestic stock market at between 26.73 euros and 29.76 euros per share, raising as much as 2.45 billion euros through a placement aimed exclusively at institutional investors.

The price range would give its energy unit a valuation of between 9.8 billion euros 8.8 billion euros, higher than the current group’s valuation of 7.56 billion euros.

($1 = 0.8402 euros)

Reporting by Jesús Aguado and Isla Binnie; editing by Emma Pinedo

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