Iberdrola Renewable's Unit IPO Set For Dec 13

Iberdrola Renewable's Unit IPO Set For Dec 13

November 22, 2007: 01:07 PM EST

MADRID -(Dow Jones)- Shares in Iberdrola Renovables, the renewable energy unit of Spanish power utility Iberdrola SA (IBE.MC), are set to start trade Dec. 13, in one of the biggest initial public offerings in Spain.

In the IPO prospectus -approved Thursday by the Spanish stock market regulator -Iberdrola said 65% of about 845 million shares up for sale will be offered to international institutional investors. Antoher 15% will go to Spanish institutional investors and 20% to retail investors and employees.

Earlier this week, Iberdrola set a price range for the offering of EUR5.3 a share to EUR7/shr, valuing the company at between EUR22.4 billion and EUR29.57 billion.

The company plans to float a 20% stake.

Iberdrola is the world's biggest wind-power generator and the largest power utility in Spain by market value.

Company Web site: http://www.iberdrola.com