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
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