EDP Renewables loses out in trading debut

Shares in EDP Renováveis lost 1.875% in their first hours of trading on the Lisbon stock exchange this morning (Wednesday), despite the deal being priced near the bottom of Eu7.40-Eu8.90 on Monday. EDP raised Eu1.75bn by offering 25% of its renewably energy subsidiary, making EDP Renováveis the second largest listed renewable energy company after Spain’s Iberdrola Renovables. Only shares offered to retail investors started trading on the exchange today, while the institutional tranche, about 80% of the deal, starts trading on Friday. Turn to EuroWeek on Friday for full coverage of the deal.