EDP Renováveis is a subsidiary of EDP – Energias de Portugal. Renováveis core business is the construction and management of wind farms and other renewable energy sources. The company owns wind farm assets in Spain, Portugal, France, Belgium, Poland and in the US through its Horizon subsidiary.

Renováveis’ EBITDA on Q1 2008 was 125.5 Mln€ for assets totaling 7092.5 Mln€.

EDP Renováveis launched a combined offer of a maximum of 225.4 million shares, to be subscribed by both retail (through a public offer addressed to investors in Portugal) and institutional investors (through a private placement).

The price range was established with a minimum of 7.40 and a maximum of 8.90 Euros per share. Final subscription price was established at 8.00 Euros. This translates on an initial market cap of the company of 7.2 Billion Euros. The gross IPO proceeds (1.8 Billion Euros including greenshoe) represent the largest IPO in Europe in 2008 so far.

The combined offer was a major success. Demand from the retail investors was very high; shares on this segment were oversubscribed 88 times. More than 158,000 retail investors subscribed shares of Renováveis, a high mark for the Portuguese market.
On the institutional segment, demand was over 6 times the amount offered and well distributed worldwide, with 14% of investors located in the US (under 144A), 26% in the UK, 28% in Portugal and the remainder on several countries in the EU.

The Special Session that took place on Lisbon on the 2nd June was highly participated by the press and financial community. On that ceremony, representatives from the company and from NYSE Euronext expressed their deepest satisfaction about the success of the operation.

Renováveis’ listing began on the 4th June.