The oil company Cepsa returns to the stock exchange next Thursday after seven years of being excluded from trading by its owner, then the Abu Dhabi Ipic fund, now Mubadala Investment, which expects to obtain between 1,752 and 2,020 million euros of 25% of the company that will place in the market.
The final price with which Cepsa will debut on the Stock Exchange will be announced next Tuesday, after completing the process of prospecting the demand that began on October 2, as well as the final size of the public offer of sale (opv), because the 25% of minimum contemplated in the offer can reach 28.75%, if the placing banks exercise the purchase option that has been reserved for them.
The placement entities are Banco Santander, Citigroup, Merrill Lynch, Morgan Stanley, Barclays, First Abu Dabi, UBS, BBVA and Caixabank, and Rothschild the financial adviser.
In the stock exchange prospectus, Cepsa set an indicative range of prices, between 13.10 and 15.10 euros, which means valuing the company between 7,010 and 8,080 million euros.
With the incorporation of Cepsa to the market, Repsol, which is listed on the IBEX 35, will no longer be the only oil company in the Spanish market.
In addition, its IPO will be one of the largest that has been in recent years, in which companies such as Aena or Talgo debuted.
Another feature of Cepsa's offer to sell shares, aimed at institutional investors, is that it has reserved a tranche for employees of the company and its Spanish subsidiaries with tax residence in Spain, for which initially it has been placed a 0.40% of the total shares of the initial offer.
The Spanish Petroleum Company (Cepsa), founded in 1929 in Spain, was the first private oil company in the country.
In 2011, the state investment fund Abu Dhabi IPIC, with which Cepsa had been collaborating since 1988, bought all the shares of the Spanish oil company and became its sole owner.
Subsequently, in 2017, the IPIC and Mubadala funds were merged to form a new company, Mubadala Investment Company, current owner of Cepsa.
Cepsa carries out activities of exploration and production of hydrocarbons, refining and commercialization, petrochemicals, as well as retail sales of gas and electricity.
The company returns to the market at a time when oil prices have regained ground and are above $ 80 in the case of the Brent barrel, above the forecast that Cepsa makes for the medium term in its brochure of the IPO, which is around 70 euros.
The placement on the stock exchange between 25% and 28% Cepsa has led to the sale by the latter of the 42.09% held by Medgaz, the company that operates the gas pipeline between Algeria and Spain, to its sole shareholder, Mubadala Investment , for 500 million euros.
In addition, coinciding with the sale of Cepsa, its board of directors has been remodeled, which will have as its new president Musabbeh Al Kaabi, who replaces Suhail Mohamed Faraj Al Mazrouei, minister of Energy and Industry of the United Arab Emirates (UAE) ), and two new independent directors have been incorporated: the CEO of Merlin Properties, Ismael Clemente, and the former CEO of CaixaBank Juan María Nin.
Cepsa considers in its brochure to distribute to the Stock Exchange 160 million dividend charged to 2018, 450 million for 2019, 475 million for 2020 and to grow 5% by 2021.