Price cut means Enel Green IPO is fully covered

first_img whatsapp Price cut means Enel Green IPO is fully covered THE initial public offering (IPO) for Enel Green Power, Europe’s biggest in three years, was more than fully covered late yesterday after the Italian power giant cut the minimum price to attract enough institutional investors.Early yesterday Enel dropped the minimum price for up to 32.5 per cent of Enel Green Power (EGP) to €1.6 per share from €1.8, raising the risk it could miss its target of raising at least €3bn. (£2.6bn)“The offer is well over 100 per cent covered,” a source close to the matter said late yesterday.Earlier Enel, Europe’s most-indebted utility which is seeking cash to cut borrowings and protect its credit rating, confirmed the lower price, saying it would consider expressions of interest starting from €1.6 per share.The new range of €1.6-2.1 would value the unit at €8bn to €10.5bn, meaning Enel would raise up to €2.6bn from a sale at the minimum price if a greenshoe option is exercised. Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp Thursday 28 October 2010 7:23 pm Share KCS-content Tags: NULLlast_img

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