Abengoa Yield, a solar and electricity transmission yieldco spun out of Spanish energy company Abengoa, announced terms for its IPO on Monday. The Brentford, United Kingdom-based company plans to raise $601 million by offering 23.1 million shares at a price range of $25 to $27. At the midpoint of the proposed range, it would command a fully diluted market value of $2.1 billion.
Abengoa Yield, which was formed in 2013 and booked $242 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol ABY. It initially filed confidentially on February 28, 2014. Citi, BofA Merrill Lynch, Canaccord Genuity, HSBC, RBC Capital Markets and Banco Santander are the joint bookrunners on the deal. It is expected to price the week of June 9, 2014.
