EDP rights issue twice oversubscribed, bodes well for Cellnex

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By Sam Kerr
10 Aug 2020

Energias de Portugal, Portugal’s largest utility, closed its cash call in Lisbon on Friday with 93.8% of shareholders taking up their rights. However, the company attracted demand worth 256% of the €1bn offering. Market watchers hope the result augurs well for Spanish telecoms operator Cellnex's rights issue on Thursday.

BCP, JP Morgan and Morgan Stanleywere global coordinators on the deal. BNP Paribas, BofA Securities and Goldman Sachswere bookrunners.

The company sold 309m shares at €3.30 each, a 23.02% discount to the theoretical ex-rights price of €4.37. Shareholders ...

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