Ignis has submitted an updated prospectus to the CNMV with the intention of raising up to €600 million. The company, valued at approximately €1.5 billion, expects approval from the regulator during the first half of October and aims to start trading in the second half of that month, according to sources from the newspaper Expansión.
The company has been in contact with large international investors and has restructured its holding into a public limited company, which is a prerequisite for its listing. The operation, led by Citi, Morgan Stanley and Santander, could include a combination of the sale of existing shares and the issuance of new shares.
Ignis was founded in Madrid in 2015 and is controlled by founder Antonio Sieira (68% of the capital) and Vortex Energy (32%), an investment platform managed by EFG Hermes, a subsidiary of the Egyptian financial services group EFG Holding.
Ignis works across the entire energy value chain - from project development to supply and energy management - , has 1,000 MW of generation capacity in operation and under construction, manages 10,000 MW of owned and third-party assets, and has a joint venture dedicated to hydrogen with the American investment firm KKR.
The company will allocate the funds raised to the expansion of its energy management businesses and, in particular, data centre connections. Ignis not only aims to supply energy to these facilities but also to get involved in the development of their electrical and water connections, in the search for locations, and in the processing of permits. It is worth noting that the government has recently proposed a royal decree requiring data centres to resolve 80% of their energy consumption with renewables.
