Cepsa, the Spanish energy company owned by Abu Dhabi’s strategic firm Mubadala Investment Company, said on Tuesday it expects to raise as much as €2.02 billion (Dh8.6bn) from the initial public offering of a 25 per cent stake in Spain.
The Madrid-based energy producer has set the offering price range of €13.10 to €15.10 per ordinary share of the company with par value of each share at €0.50, the company said in a statement on Tuesday. The selling shareholder of the company is offering 133,787,471 shares, representing a quarter of the company share capital in a deal that could give Cepsa a market cap between €7.01bn and €8.08bn.
“The share sale comprises a private placement to qualified institutional investors inside and outside of Spain,” Cepsa said in the statement. “As an exception, the selling shareholder is also offering shares to employees of the company and its Spanish subsidiaries that have their tax residence in Spain on the terms and conditions set out in the prospectus [of offering].”
The free float of the company may reach 28.75 per cent if the 15 per cent overallotment option granted to the Joint Global Coordinators on the deal is exercised. The final price of the share float will be determined on 16 October and admission to listing and trading on the Spanish stock exchanges is expected to take place on or about 18 October, the company said.
Cepsa was originally an investment of Ipic, which became part of Mubadala in a merger in 2017. Abu Dhabi has built its stake in Cepsa for years and bought shares held by France’s Total in 2011.
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Mubadala’s stake sale of Cepsa will see the Spanish energy firm trade on the Madrid, Barcelona, Bilbao, and Valencia Stock exchanges. Banco Santander, Citigroup, Merrill Lynch and Morgan Stanley are the joint global coordinators and joint bookrunners on the deal.
Barclays BNP Paribas, First Abu Dhabi Bank, Societe Generale and UBS are the additional joint bookrunners, while Banco Bilbao Vizcaya Argentaria and CaixaBank are the co-lead managers. Rothschild is acting as financial advisor to the company and the selling shareholder, according to the regulatory filing.
In March The National was first to report that Mubadala was seeking more stakeholders for Cepsa and exploring options to list the company in Spain this year.
“Today’s intention to float is a result of the strong foundations the business has built to become a well-established, integrated energy company and a global leader in a number of important product markets,” Musabbeh Al Kaabi, the chief executive of Mubadala’s Petroleum and Petrochemicals platform said in a statement last month. “We are committed to delivering the IPO with a listing on the Spanish exchanges as a natural and strategic fit for Cepsa that will provide wider access to capital markets to support financial flexibility.”
COMPANY%20PROFILE
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COMPANY%20PROFILE
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Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
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COMPANY PROFILE
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Founder: Areej Selmi
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Investments: Grants/private funding
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
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Stay indoors when conditions are particularly poor.
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Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
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The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
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Transmission: Eight-speed automatic
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Torque: 556Nm @ 3,950rpm
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More than 2.2 million Indian tourists arrived in UAE in 2023
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UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Company%20Profile
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THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
FROM%20THE%20ASHES
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Power: 480kW
Torque: 850Nm
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1. Unemployment
2. Spread of infectious diseases
3. Fiscal crises
4. Cyber attacks
5. Profound social instability
Top 5 concerns in the Mena region
1. Energy price shock
2. Fiscal crises
3. Spread of infectious diseases
4. Unmanageable inflation
5. Cyber attacks
Source: World Economic Foundation
Spare
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Started: March 2018
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Sector: FinTech
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WISH
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Employees: 55
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Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
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Rating: 3.5/5
Company%20profile
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