Spanish renewables company Ignis eyes IPO and Expansion reports

Newspaper Expansion reported Wednesday that?unidentified? market sources said that the Spanish renewable energy company Ignis had?hired Citigroup for the preparation of 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 or a combination.

Ignis refused to comment on the report, and Citigroup didn't immediately respond to a request to "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 market and the remainder with one or several large funds.

The report said that Citi is exploring possible venues for its listing, though Madrid is initially the preferred option, given the company's headquarters is in Spain.

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

Spain has not seen any green energy IPOs since Ecoener listed in May 2021, and Acciona in June 2021.

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

(source: Reuters)