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Name | Symbol | Market | Type |
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Banco Santander SA | NYSE:SAN | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.29 | -5.75% | 4.75 | 4.895 | 4.80 | 4.86 | 4,540,010 | 23:17:52 |
By Christopher Bjork
MADRID--Spanish infrastructure builder Grupo Isolux Corsan SA on Friday said it is planning an initial public offering of shares on the Spanish stock exchange, hoping to raise 600 million euros ($699 million).
The company, which builds and manages power transmission lines, solar plants, toll roads car parks and other infrastructure assets in Latin America, Spain and in Asia, said in a press release that it would use the proceeds from the listing to pay down debt and fund growth. It is selling newly issued Class A shares, which have fewer voting rights than the Class B stock existing shareholders own.
Share issuance picked up in Spain over the past year after the economy emerged from a six-year slump, and several sizeable stock market listings are planned in coming months. These include the privatization of AENA, the operator of Spain's main airports, and the spinoff of a renewable energy unit of construction firm Actividades de Construcción y Contratas SA.
Citigroup, Morgan Stanley and Banco Santander are coordinating Isolux's share sale, which needs to be approved by the Spanish stock market regulator before it can begin.
Isolux said it recorded EUR3 billion in revenues during the 12 months through September, and earnings before interest, taxes, depreciation and amortization of EUR637.8 million. The company's main market is Latin America, which represented 56% of revenue in the period, while Spain accounted for 17% of revenue. It also has activities in Asia and elsewhere.
Write to Christopher Bjork at Christopher.Bjork@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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