Iberdrola Renovables (Renewables) listed on the Madrid stock Exchange in December. The deal size was €4.4bn with the international offering representing 65% of the total figure and the Spanish Institutional a further 15%. There was greater demand in Spain but the company resisted enlarging this portion of the offer and took the challenge of establishing a strong international investor base that would provide a buoyant aftermarket.
As part of the pre-marketing process we produced and coordinated a two and a half week international roadshow. There were three teams each consisting of five management and five investment banks. The teams visited 32 cities in Europe and the USA. The coverage in the USA was wider than we normally see on deals for European clients as Iberdrola has a strong presence there. We organised all aspects of the roadshow, Schedule coordination, booking of commercial flights, private aircraft charter, accommodation, venues, catering and design and supply of all technical support and staging.
We are very familiar with the Iberdrola branding having worked with them before for a one day renewable energy conference in 2002. The design and staging of the large group meetings for the IPO however had very specific requirements and had to strike a delicate balance between presenting the investment opportunities alongside environmental concerns.
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