Spain's Abengoa makes U.S. unit's IPO plans public

April 1 Tue Apr 1, 2014 6:01pm EDT

April 1 (Reuters) - Spanish renewable energy and engineering firm Abengoa SA made public its U.S. subsidiary's plans to raise up to $600 million in an initial public offering of ordinary shares.

Abengoa in March filed confidentially with the U.S regulators for the proposed IPO of its yieldco vehicle.

Abengoa Yield Plc, the U.S. subsidiary, intends to list its shares on the Nasdaq under the symbol "ABY," the company said on Tuesday. (r.reuters.com/vuj28v)

Citigroup and BofA Merrill Lynch were underwriting the IPO, Abengoa Yield told the U.S Securities and Exchange Commission in a preliminary prospectus.

Abengoa said in October it hoped to raise about 450 million euros ($620 million) in a U.S. share offer.

Abengoa plans to use the subsidiary to own, manage and acquire renewable energy assets in the United States and South America.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. ($1 = 0.7249 Euros) (Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila)