Spanish renewables company Ignis eyes IPO and Expansion reports

The newspaper Expansion, citing anonymous market sources, reported Wednesday that the Spanish renewable energy company Ignis had hired Citigroup to help prepare for a possible initial public offering.

According to the report, the process is still in its early stages. Several options are being considered, including a traditional IPO, a sale or existing shares, and a combination.

Ignis and Citigroup did not immediately respond to requests for comment.

Expansion said that a dual-track approach is also being considered. In this process, a part of the capital would be placed on the stock exchange and the rest with one or more large funds.

The report said that Citi was'sounding out' possible listing venues. Madrid, however, is the first option, given the company headquarters is in Spain.

Expansion says that Ignis has yet to be valued, but the starting point is no less than 1 to 1.2 billion euro ($1.2 billion-$1.4 billion). This was the valuation when investors, led by Egypt's EFG Hermes, joined the company several years ago.

Since Ecoener?s listing in May 2021, and Acciona?s in June 20,21, there have been no IPOs for green energy companies.

Some deals later involved delistings following takeovers. Opdenergy was delisted in April 2024 after a bid from Antin, and Solarpack by EQT 2021.

(source: Reuters)