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ATHENS, July 22 Shares in Greek renewable energy
firm ELTECH Anemos dropped on their first day of
trading on the Athens Stock Exchange on Tuesday, as
traders said its initial public offering price was seen as
Anemos offered shares to the public on July 9-11 in the
country's first IPO since its debt crisis began in 2009. The
issue was slightly oversubscribed, with the offer price set at
1.70 euros, at the bottom of the price range.
At 0830 GMT Anemos shares were down 5.9 percent at 1.6
euros, underperforming the Athens bourse general index,
which was down 0.6 percent.
"Investors are deeming Anemos's issue price expensive
compared to its Greek peers, so they are selling," Takis
Zamanis, a trader at Beta Securities, said.
Anemos, a unit of Greece's biggest construction group
Ellaktor, is a mid-sized renewable energy producer
that operates 12 wind parks, a solar plant and a hydroelectric
plant with 170 megawatts in total installed capacity.
The company has said it will use the IPO proceeds to finance
part of a 118 million euro investment plan for new wind parks,
which will add about 94 MW in capacity by 2015.hel
Renewable energy is one of few industries in Greece that has
continued to expand through the recession, thanks to generous
Greek stocks have been battered by six years of recession
and the debt crisis, which forced Athens to turn to the European
Union and the International Monetary Fund for about 240 billion
euros in aid.
But sentiment has picked up since Athens raised money
successfully on the international bond markets twice this year
after a four-year exile.
(Reporting by Angeliki Koutantou; editing by Jane Baird)