Italy’s Enel Green Power launched its long-awaited initial Public Offering (IPO) earlier this week, pricing the shares on the low-end of the price- range, between ?1.80 and ?2.10 per share ($2.49 – $2.96).
The IPO values the company at between ?9.0 billion and ?10.5 billion.
The IPO has been 18 months in the making and is slated to close on October 29th. J.P. Morgan, Bank of America and Morgan Stanley are underwriting that transaction. Barclays Capital, BBVA and UniCredit are also involved.
Enel is selling an? initial 28.3 percent of its shares but could sell up to? 32.5 percent if the offer is oversubscribed. Enel will use proceeds to help it cut its overall corporate debt to ?45 billion this year from ?51 billion.