Enel SpA's (ENEL) chief executive Monday said he expects investors to snap up shares in the multibillion-euro initial public offering of its renewables unit thanks to its promised high dividend, good production and geographical mix, despite the sector having lost its shine.
Enel SpA's (ENEL) chief executive Monday said he expects investors to
snap up shares in the multibillion-euro initial public offering of its
renewables unit thanks to its promised high dividend, good production and
geographical mix, despite the sector having lost its shine.
Enel Green Power SpA's growth "will justify investors' appetite,"
Fulvio Conti said at a press conference in
Milan
to
kickstart
Europe
's biggest IPO in three years.
The Rome-based utility is selling a stake of up to 32.5% of Enel Green Power in
a deal worth as much as EUR3.41 billion as part of its drive to slash its net
debt by the end of the year.
Enel Green Power will have a dividend payout ratio of at least 30% of net
profit, said Conti. "We offer sure returns," he said.
The IPO of the renewables unit runs until Oct. 29, after which a final price
will be set. Shares are slated to start trading on the Italian and Spanish
stock markets Nov. 4.
Enel has set an IPO price range of between EUR1.80 and EUR2.10 a share, valuing
the unit at a minimum of EUR9 billion and a maximum of EUR10.5 billion.
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