UPDATE: Shares in Ecoener continued to fall throughout its maiden day of trading in Spain, closing the day at €5, more than 15% down on its opening price of €5.90.
Spanish renewables developer and independent power producer (IPP) Grupo Ecoener has seen its shares slide on its market debut today.
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At the time of publication shares in the group had slid more than 8% to just over €5.50 after listing on the Spanish stock exchanges earlier today. The slide took Ecoener’s share price below the €5.90 per share guide set by the company last week, with the company having previously set a price range of €5.90 – €7.25.
Ecoener first announced its intent to launch an initial public offering at the start of last month, intending to list on 28 April 2020 and raise up to €200 million. But the company was forced to delay the listing until today (4 May 2021) after it struggled to drum up necessary interest, while also reducing the size of its offer.
Nevertheless, Ecoener chief executive Luis de Valdivia remained bullish ahead of the listing, stressing that the company would now “multiply its steady growth in the renewable energy sector and consolidate its position as a robust, stable, longer-term operator.”
All eyes will now fall to Ecoener’s compatriots Opdenergy and the renewables unit of Spanish energy major Acciona, both of which have outlined plans to launch IPOs following Ecoener.
