Cuatrecasas advises Banco Santander and CaixaBank on Soltec’s IPO

Cuatrecasas has advised Banco Santander and CaixaBank, as joint global coordinators, and JB Capital and Berenger on Soltec’s initial public offering, the first in Spain in two years. Soltec Power Holdings launches with a share price of €4.82, the top of the initial range of €3.66 to €4.82 given in the prospectus, meaning a market capitalization value of over €440 million. The company will apply a discount on the sub-tranche for employees, by issuing another 264,950 shares at €4.34 each.

The company has placed €150 million with institutional investors and the offer will be extendable in shares for an additional €15 million. The new investors will hold 35.8% of the company’s share capital.

The success of this transaction reflects the favorable disposition of Spanish and international institutional investors toward the opportunities of the Spanish business world.

The Cuatrecasas advisory team was led by partners José Luis Rodríguez, Ignacio Escrivá and Juan Aguayo.