Corporación Acciona Energías Renovables (“Acciona Energía” or the Company), a subsidiary of Acciona and one of the leading pure renewable energy companies globally, has completed its successful c. €1.52bn IPO (assuming exercise of the overallotment option) on the Spanish stock exchanges on 1st July 2021. The offering represents the largest IPO in Spain in the last 6 years and the largest European renewable energy IPO in the last 5 years.
AZ Capital and STJ Advisors have advised the company and its shareholder in all key stages of the transaction including:
- The selection, engagement and coordination of a 21-bank strong syndicate group in order to secure a wide and deep investor engagement process.
- Managing an extensive investor marketing process involving i) 3 rounds of early look meetings, ii) a public Capital Markets Day and iii) pilot fishing/deep dive sessions conducted by management covering nearly 80 of the top investors worldwide. Additionally, AZ/STJ also managed a similarly comprehensive PDIE process involving 19 analysts educating nearly 600 investors with the objective of securing a strong bookbuilding process and a healthy aftermarket.
- Active involvement of our Strategic Research Advisory team in the optimisation of the equity story, the analyst presentation, the research review process, and the management presentation to sales.
- Providing key advice around the setting of the price range and sizing of the offering taking into account the weaker market backdrop for IPOs in Europe, strategy around roadshow and bookbuilding dynamics and allocation of the book with high quality investors.
As a result, the book was already covered within the first 24-hours of bookbuilding and ended up 2.4x oversubscribed at the pricing level. The extremely high-quality book consisted of over 220 lines, with allocations skewed over 80% to Long-Only investors. The top 5 accounts took 30% of the deal, with the top 11 taking over 50%. The high quality of the allocations was further displayed by a very healthy performance on the first day of trading, with the share price trading up 7.3% and only 8% of the total deal size traded.