Cox is being clouding its IPO, but the company wants to ring the bell no matter what this Thursday. This Tuesday, the energy company was to announce the fixing of its shares. He didn’t do it. On the other hand, he has considerably lowered expectations regarding his stock market debut.
Tuesday morning, through a relevant fact from the CNMV, Cox reported that reduces the amount of its offer to 175 million. Initially, the energy company hoped to raise between 190 and 210 million euros, within the planned price range. From now on, the company will place between 15.4 and 17.1 million ordinary shares on the Spanish market, compared to between 19.5 and 17.6 million shares previously.
All this was happening as the market waited to know the final price at which the shares would begin trading on the Spanish stock exchange this Thursday. But this prize did not arrive. Almost around 2 a.m., the National Securities Market Commission released a new relevant fact. Cox decided extend the placement period for an additional dayuntil this Wednesday.
And, once again, in the face of attentive market expectations, the company announced that reduces over-allotment option from 15% to 10% of offer amount. This notable drop in expectations only suggests that Cox wants out any price put in a bag. Even if it means having to reduce the value of their shares compared to the planned range.
In its prospectus, the company placed the price range of its shares between 10.23 and 11.38 euros, which placed Cox’s capitalization between 837 million and 931 million euros. But today, this reduction in the offer conditions suggests that the market value of the company will be lower.
The Cox bell is ringing, for the moment, still for this Thursday, November 14. And this also happens after the collapse of Inmocemento in its early days on the Spanish market last Tuesday. The company, a spin-off from FCC, lost almost 10% of its value on the day of its IPO.
