Enel Cuts Price of Renewables IPO After Buyers Balk
This article is for subscribers only.
Enel SpA cut the valuation of the renewable energy unit it’s selling in an initial public offering to 8 billion euros ($11.1 billion) after money managers balked at the price because it was too high compared with competitors.
Italy’s biggest utility is offering shares in Enel Green Power SpA for 1.60 euros to 2.10 euros each, the company said in a statement today. Enel had been selling the stock for 1.80 euros to 2.10 euros earlier. The shares are on sale to institutional and individual investors until tomorrow.