Enel raises less than hoped in green IPO

MILAN (BestGrowthStock) – Italian power group Enel (ENEI.MI: ) raised 2.466 billion euros from the listing of its green energy unit, short of the potential 2.6 billion euros, as options to sell more shares were only partially exercised.

The listing of Enel Green Power (EGPW.MI: ) (EGPW.MC: ) in November was Europe’s biggest initial public offering since 2008 and was aimed at helping Enel cut its debt to 45 billion euros ($59 billion) by year-end from 50.9 billion euros at end-September.

Mediobanca (MDBI.MI: ), one of the coordinators of the IPO, said in a statement on Friday it had exercised the additional “greenshoe” option on about 126 million Enel Green Power shares, out of a potential 210 million shares, at 1.6 euros each.

Enel Green Power’s free float is now 30.8 percent, according to Reuters calculations.

(Reporting by Danilo Masoni; Editing by Will Waterman)

($1=.7582 Euro)

Enel raises less than hoped in green IPO