The group Helmsmanspecialized in energy and water treatment infrastructures, has set the price of its exit at Bag in the continuous market of 10.23 euros per sharethe minimum amount of the price range that it was considering (from 10.23 euros to 11.38 euros per security), as the company reported this Thursday to the National Securities Market Commission (CNMV).
Based on the final offering price, Cox’s market capitalization at the time of listing will be approximately 805 million euros.
The company hopes that transactions will begin this Thursday and that the admission to listing and trading of the shares on the Spanish Stock Exchanges will take place “no later than November 15“. Initially, the stock market debut was expected for today.
The company closed its accounts yesterday, reaching enough investors to cover its public offering (IPO) of shares with which it will make its debut on the Continuous Market.
The company founded and chaired by Enrique Riquelme thus achieved the oversubscription of its offer and the green shoe after having also agreed on the extension of the period for prospecting the application.
Last Tuesday, the company also decided to reduce the amount of its IPO to around 175 million euros, compared to more than 200 million euros initially planned.
In a supplement to the prospectus, the company changed the size of its IPO, offering between 15.37 million and 17.10 million ordinary shares, compared to the initial 17.57 million and 19.55 million new shares. .
The group thus places the gross income resulting from the offer at around 175 million euros. The option of green shoe It is granted to Banco Santander, BofA Securities Europe and Citigroup Global Markets Europe AG, its global coordination entities.
The group has decided to reduce the size of the over-allotment option in its offer, known as green shoefrom the 15% initially planned up to a maximum of 10% of the offer. Thus, the over-allotment option, of approximately 10 million euros, will be granted by Cox to cover excess allocations and short positions resulting from stabilization operations, which will last until December 13.
At the beginning of October, Cox, including its subsidiary Cox Energy already listed on BME Growth, it has informed the stock market regulator of its intention to launch on the market.
It will now do so on the Continuous Market with the holding company, formerly Coxabengoa, after having integrated the productive activities of the Abengoa group, and which has been renamed Cox.
Cox’s will be the second debut on the Spanish market this week, after this Tuesday Immediatelythe new company headquartered in Barcelona and which brings together FCC’s real estate and cement activities.
Currently, the president and founder of the group, Enrique Riquelme, is the main shareholder with 77.85% of the capital, and after the offer, if the over-allotment option is fully exercised, he will reduce his position to 63.1%.
“We are delighted to reach this important milestone, today’s announcement represents an important step in the company’s growth trajectory. Despite the challenges of the IPO market, the investor demand reflected in the offering price is evidence of the value investors see in our strategy and trajectory, as well as the growth prospects that await us in the water and energy sectors,” Riquelme underlined.
Cox: financing capital needs
Cox plans to use the net proceeds from the offering to partially finance its capital requirements (47%) in relation to its strategic energy projects – equivalent to 42.37% of the total pipeline Energy production-; as well as its identified water concession opportunities – which, in terms of capacity, represent 7.53% of the total gross capacity of the identified water concession opportunities.
It will also allocate them to the identified transport concession opportunities – which, in terms of kilometers, represent 11.90% of the total kilometers of its identified transport concession opportunities.
Does not foresee dividends in 3 years
In the prospectus, Cox indicated that in the near term it intended to allocate the cash flow generated to continue growing the business and that it did not plan to distribute dividends over the next few years. next three years.
Thus, at the date of the brochure, the group adds that it has not yet established specific dividend policy and that after this three-year period, it will evaluate the advisability of introducing it, based on its future results and its financing needs.
The company had already announced the commitment of investors to acquire approximately 30% of the offer. A company from the United Arab Emirates (Amea Power) -30 million euros-, a bank from Morocco (Attijariwafa Bank) -for a maximum of 5 million euros- and the Spanish company Corporación Cunext -20 million euros- would thus join the founders in purchasing shares in their jump to the market. In addition, Enrique Riquelme committed 15 million euros and Alberto Zardoya committed others between 5 and 10 million euros.
In 2023, Cox recorded gross operating income (Ebitda) of 103 million euros and revenues which reached 581 million euros.
The group’s positive adjusted operating cash flow amounted to €37.4 million for the year ended December 31, 2023.
In the first half of this year, the company achieved a turnover of 306 million euros and an Ebitda of 81 million euros and recorded a strong increase in turnover. back -signed contracts awaiting execution-, which amounts to 1,600 million euros, with an Ebitda margin estimated at 11.7%.
