Spanish energy and construction company Isolux Corsan said on Friday it planned to list on the Spanish stock exchange to raise around 600 million euros ($698 million) to reduce debt and fund growth. This marks the third Spanish stock market listing to be announced over the past few days. Builder ACS said on Thursday it would float a stake in its renewable energy business and the government said on Wednesday it would relaunch a delayed listing for airports operator Aena in the next few weeks.
A period of market volatility resulted in some deals being pulled at the end of last year, but low oil prices and hopes of a recovery in euro zone economies has increased confidence among Spanish companies. Isolux Corsan reported revenues of 3.2 billion euros in 2013, of which more than 80 percent was generated outside Spain through projects such as power transmission in India, Brazil and the United States and building and managing toll road networks in India and Mexico.
One of the group's most high-profile operations is a 1-billion-euro project to build two pylons the height of the Eiffel Tower to string electricity cables over the Amazon river to connect the Brazilian cities of Manaus and Macapa to the grid. The company also intends to make available an over-allotment of shares no greater than 15 percent of the size of the offering, it said in a statement. Citigroup, Morgan Stanley and Santander will be the joint global co-ordinators for the initial public offering, the company said. The operation needs approval by the Spanish stock market regulator.
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