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Spanish energy Cox cuts IPO size to $186 mln from $236 mln

Spanish tidy energy and water utility Cox has lowered the size of its preliminary public providing to about 175 million euros ($ 186 million) from a. previous 222 million euros, the company stated in a filing to the. stock market regulator CNMV on Tuesday.

The business, which announced its IPO intend on Nov. 5, added. it would keep the very same cost series of 10.23 euros to 11.38 euros. per share, giving Cox an expected market capitalization of 830.2. million euros at the midpoint of the variety.

Shares in European tidy energy groups have taken a hit. after Donald Trump won the U.S. election, as investors stress over. a possible dismantling of U.S. support for renewables and. environment policy.

Cox changed the size of its IPO to adapt to the market's. appetite, a source near to the process informed Reuters.

Cox had actually stated it would use the profits from the IPO to. partially money its equity requirements for its energy tasks. and to invest in water concession opportunities.

A number of European business have actually floated this year after an. enhancement in market sentiment enhanced share prices, including. Barcelona-based beauty group Puig.

Nevertheless, Spain's Tendam delayed a choice to drift in July. and frozen bakeshop manufacturer Europastry cancelled an IPO last. month.

Banco Santander, Bank of America and Citigroup are serving as. joint global planners for Cox's IPO.

(source: Reuters)