Soltec Power Holdings’ IPO prospectus approved and registered by CNMV

Soltec Power Holdings is a leading global company specialized in providing integrated solutions approved by Comisión Nacional del Mercado de Valores (“CNMV”) for Initial Public Offering & becoming the first company to set its sights on the Madrid bourse since COVID-19 tipped the global economy into crisis.

October 16, 2020. By Hemant Arora

Soltec, a Spanish manufacturer of solar tracking systems will issue shares for an initial amount of 150 million euros, and the Offering will be extendable in shares for an additional 15 million euros if the over-allotment option granted by its majority shareholder is executed
The Offering is mainly addressed to international qualified institutional investors with a Non-Qualified Investors tranche (employees of the Company and selected related investors). The listing is expected to take place on October 29th under the ticker “SOL”
The market capitalization of Soltec Power Holdings will be between 370.5 and 440.4 million euros, according to the indicative and non-binding Offering price range, which has been fixed between 3.66 and 4.82 euros per offered share
The Comisión Nacional del Mercado de Valores (“CNMV”) approved the prospectus for the Initial Public Offering (“Offering”) of Soltec Power Holdings new ordinary shares. The Company will issue new shares for an initial amount of €150 million. Additionally, the Offering may be extended with the sale of shares for an additional €15 million if the Joint Global Coordinating entities exercise the over-allotment option to purchase shares owned by the Company’s majority shareholder, Grupo Corporativo Sefrán, S.L., up to 10% of the initial offer. Furthermore, the Company and its current shareholders will agree to lock-up arrangements for the 180 days (the Company and Grupo Corporativo Sefrán) or 365 days (the remaining shareholders) that follow the listing of the shares on the Spanish Stock Exchanges.
Following the Offering, Grupo Corporativo Sefran will continue to be the majority shareholder of Soltec Power Holdings together with Valueteam.
The Offering will be executed in two tranches and will be mainly addressed to international qualified institutional investors. In addition, the Offering will include a “Non-Qualified Investors Tranche” through will be extend to employees of the Company and its Spanish subsidiaries, as well as to selected related investors. The Non-Qualified Investors Tranche will not exceed the greater of 2% of the initial Offering (not including the over-allotment option) and €3 million after application of a 10% discount to employees.
The listing on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges is expected to take place the 29th of October 2020 under the ticker “SOL”.
The indicative and non-binding price range guidance has been set between 3.66 and 4.82 euros per share which would place the market capitalization of Soltec Power Holdings following the offer between 370.5 and 440.4 million Euros. The final Offering price is expected to be determined on or about the 27th of October 2020, following the completion of a book-building process which will start on the 16th of October 2020.
Banco Santander, S.A. acts as Senior Joint Global Coordinator and Joint Bookrunner and CaixaBank, S.A. acts as Joint Global Coordinator and Joint Bookrunner (the “Joint Global Coordinators”), together with JB Capital Markets, Sociedad de Valores, S.A.U., and Joh. Berenberg, Gossler & Co. KG, both of them act as Joint Bookrunners (the “Joint Bookrunners” and together with the Joint Global Coordinators, the “Managers”). Rothschild & Co. acts as Financial Advisor to the Company.
With the Company’s market listing, Soltec Power Holdings aims to reinforce its transparency and corporate governance, as well as to strengthen and institutionalize the relationship with its internal and external stakeholders, while widening the shareholder base and diversifying its funding sources. In addition, as a result of becoming a listed company, Soltec Power Holdings also seeks to strengthen its role as a key player in the energy transition, by putting its integrated and sustainable business model at the service of this transition.
Mr. Raúl Morales, Chief Executive Officer of Soltec Power Holdings, underlined: “We look forward to beginning this new phase in Soltec’s history. We have been operating successfully for more than 15 years. We have a global and solid business with a remarkable growth track record and that operates in an industry, solar PV, with very positive perspectives of development for the next years at world-wide level.
We believe that we are in the best position to introduce our company to the market, as we are confident in the attractiveness of our value proposition to attract the attention of investors and to take advantage of the expected development in the coming years for the PV industry”.
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