Eltech Anemos, the renewables arm of Greek construction group Ellaktor
(ATH:ELLAKTOR), said today it will kick off its initial public offering (IPO) on
the bourse in Athens next week, aiming to raise some EUR 6.2 million (USD
8.4m).
The subsidiary is selling 20.6 million shares between July 9 and
July 11. The listing on the Athens Stock Exchange was greenlighted by the Greek
Capital Market Commission on July 3. This is the first IPO in Athens since the
start of the Greek debt crisis.
According to information on Ellaktor's
website Eltech Anemos, which is short for Elliniki Technodomici Anemos, had an
installed capacity of 171 MW in June 2014. The figure includes 164 MW of wind
farms. The unit also has 94 MW of wind capacity under
construction.
Anemos’ stock is expected to get listed on July
23.
At end-May Ellaktor said that its wind farms operations have brought
revenues of EUR 9.8 million in the first quarter of 2014, down 11.7%
year-on-year. The segment's pre-tax profit fell to EUR 1.5 million from EUR 4.5
million. Meanwhile, the parent’s consolidated January-March revenue grew by
12.7% to EUR 292.5 million. Ellaktor turned to a net profit of EUR 1.7 million
from a loss of EUR 17.2 million in the same quarter of 2013.