Spanish energy and water utility Cox to raise $329 million via share listing
Adds details, company comments and context
MADRID, Oct 7 (Reuters) -Spanish energy and water utility Cox Energy plans to raise 300 million euros ($329 million) through the issue of new shares sold via an initial public offering on the Madrid stock exchange, it said on Monday.
The funds from the IPO will help Cox continue to expand, after it last year acquired Spanish engineering and energy group Abengoa, which had borrowed heavily to fund an aggressive expansion in clean energy.
"This transaction will enable us to continue to execute our growth strategy to consolidate Cox as a global leader in water infrastructure and management, and renewable energy generation and transmission," Cox Chairman Enrique Riquelme said in a statement.
The company will use the proceeds of the IPO to expand in regions identified as needing water infrastruture, such as the southern United States, Chile, Morocco and the Middle East, two sources familiar with the transaction told Reuters.
Riquelme, who owns 77.85% of Cox, would maintain control of the company, the sources said.
The Zardoya family owns 17.50% and local pension fund Mutualidad de Arquitectos, Arquitectos Tecnicos y Quimicos owns the remaining 4.65%, the company said.
Cox did not specify the size of the stake it intends to sell, nor did it give a valuation for the whole company, but stock market regulation in Spain requires companies to float at least 25% of their share capital in an initial listing.
Cox booked 103 million euros in earnings before interest, taxes, depreciation and amortisation in 2023 on revenue of 581 million euros.
Banco Santander, Bank of America and Citigroup are acting as joint global coordinators, Cox said.
Cox follows Barcelona-based frozen-bakery producer Europastry, which is due to list its shares later this week in a transaction valuing it at 1.57 billion euros.
A string of European companies have listed this year after an improvement in market sentiment boosted stock prices, including Barcelona-based beauty group Puig PUIGb.MC in May.
($1 = 0.9117 euros)
Reporting by Inti Landauro and Corina Pons
Editing by David Goodman, Kirsten Donovan
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