Spanish energy company Cox has received binding commitments from strategic investors for its initial public offering (IPO) for its IPO in Spain, the company has revealed. These supports would correspond to approximately 30% of the total offer, and would come from Amea Power, Corporación Cunext, Alberto Zardoya and Enrique Riquelme , as well as Attijariwafa Bank and other financial investors who have also confirmed their participation in the offer.
All of them are committed to participating in the IPO, although Cox has commented that all of them depend on the final approval of the prospectus for admission to trading by the National Securities Market Commission (CNMV). In addition, in the particular case of Attijariwafa Bank, they will also have to comply with the applicable regulations and internal processes, as well as with Moroccan legislation.
Attijariwafa Bank is Morocco’s leading financial group and part of the Al Mada Group — one of the largest private equity funds in Africa — which invests in capital-intensive sectors such as banking, insurance, retail, mining, construction, energy, telecommunications, real estate and tourism, among others.
For its part, Amea Power has been highlighted by Cox as » one of the fastest growing renewable energy companies in the Middle East, Africa and Asia «, with a renewable energy pipeline of more than 6 gigawatts (GW) in more than 20 countries, according to Europa Press.
Cox also points out that Corporación Cunext is «one of the most important industrial groups in Spain and one of the main suppliers of processed copper and aluminium products in southern Europe and north-west Africa», while Alberto Zardoya is a Spanish businessman, founding partner of Zardoya Otis and a shareholder of Cox since its inception.
«The successful start of the process and the strong interest shown by strategic, financial and institutional investors support the company’s timetable for its plans to go public,» the group said.
The IPO announced by Cox just a few days ago is aimed at qualified investors, including a placement in the United States to qualified institutional buyers, and will consist of a primary offering of newly issued shares with the aim of raising funds for an approximate amount of up to 270 million euros (excluding the over-allotment option). Of these funds, the company expects to allocate the majority to water concessions, captive energy projects and energy transmission concessions.
Cox, which a little over a year ago integrated the productive businesses of the Abengoa group after winning the contract in an auction, had already announced months ago that it was planning to enter the continuous market and was considering different alternatives to take that step at the end of this year or at the beginning of 2025.
The company’s current share structure is made up of a 77.85% stake held by Riquelme himself, 17.50% by the Zardoya family and 4.65% by the Mutualidad de Arquitectos, Arquitectos Técnicos y Químicos (HNA).
