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Since 1990 Mirabaud has offered a wide range of services for public and private companies. Its services include equity research, capital markets, corporate advisory as well as institutional brokerage.
Acciona Energía
Case study
Acciona Energía
Mirabaud advised Acciona Energía, a leading pure renewable energy player with c.11GW of installed capacity in 16 countries, in its IPO process. Mirabaud acted as co-lead manager in the €1,518m IPO.
About Acciona Energía
Acciona Energía is one of the largest global operators exclusively dedicated to renewable energies, with no links or legacy related to fossil-fuel technologies.
The company has an installed capacity of c.11GW and presence in 16 countries across the 5 continents.
Fully integrated company operating across the entire value chain: development, financing, engineering and construction, O&M and the sale of energy.
The company began its operations 30 years ago and is led by the most experienced management team in the market.
Transaction overview
The transaction objective was for the proceeds of the IPO to be used by Acciona Group for the partial amortisation of existing debt at group level. Acciona capitalised, by way of contribution to Acciona Energía’s equity, c.€1.9Bn intra-group loans. Leaving Acciona Energía’s balance sheet optimised for growth.
We are extremely proud to have assisted Acciona Energía, a worldwide leading business in the renewable energies industry, with its successful IPO, the largest one in Spain since 2015. A significant amount of high quality orders were secured from institutional investors by Mirabaud, after leveraging our international sales force platform as well as the in depth renewable sector knowledge of our research team.
Mirabaud contribution and added value
- Mirabaud held +70 meetings with investors among priority assigned accounts and others that requested a teach-in session with its research analyst due to its market recognition.
- Mirabaud received orders for a total of €425m, equivalent to a 32% of the transaction (exc. greenshoe).
- Mirabaud was recognised as having produced results as Top-tier Co-Lead Manager (out of a syndicate of 21 banks), in terms of meetings and feedback gathered during the Pre Deal Investor. Education phase (PDIE) as well as the quality and quantity of book final orders from investors contacted by the Mirabaud team.
Key data
| Company | Acciona Energia |
| Transaction type | IPO |
| Size | # of shares: 49,387,588 pre greenshoe (15% free float) 56,795,720 post greenshoe (up to 17.25% free float) Offering size: €1,320 m pre greenshoe €1,518 m post greenshoe Implicit market cap: €8,800 m |
| Price | €26.73 per share |
| Structure | Institutional investors 100% existing shares (secondary) Up to 15% greenshoe 3x oversubscribed offering |
| Mirabaud Role | Co-lead Manager |
Case Study
Case Leader
Corporate finance
Enrique AGUADO
Head of Corporate Finance & Capital Markets