Spanish utility Cox cuts IPO size to $186 mln from $236 mln
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MADRID, Nov 12 (Reuters) -Spanish clean energy and water utility Cox has reduced the size of its initial public offering to about 175 million euros ($186 million) from a previous 222 million euros, the company said in a filing to the stock market regulator CNMV on Tuesday.
The company, which announced its IPO plans on Nov. 5, added it would keep the same price range of 10.23 euros to 11.38 euros per share, giving Cox an expected market capitalization of 830.2 million euros at the midpoint of the range.
Shares in European clean energy groups have taken a hit after Donald Trump won the U.S. election, as investors fret over a potential dismantling of U.S. support for renewables and climate policy.
Cox adjusted the size of its IPO to adapt to the market's appetite, a source close to the process told Reuters.
Cox had said it would use the proceeds from the IPO to partially fund its equity requirements for its energy projects and to invest in water concession opportunities.
Several European companies have floated this year after an improvement in market sentiment boosted share prices, including Barcelona-based beauty group Puig.
However, Spain's Tendam delayed a decision to float in July and frozen bakery producer Europastry cancelled an IPO last month.
Banco Santander, Bank of America and Citigroup are acting as joint global coordinators for Cox's IPO.
($1 = 0.9418 euros)
Reporting by Corina Pons; Editing by David Latona and David Evans
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