(Reuters) - Abengoa Yield Plc ABY.O, the U.S. unit of Spanish renewable and engineering firm Abengoa SA (ABG.MC), said its initial public offering had been priced at $29 per share, valuing the company at about $2.32 billion.
Abengoa Yield’s IPO raised about $720.6 million after its upsized offering of 24.9 million shares were priced well above the expected price range of $25-$27 per share.
The stock of Abengoa Yield, which sold all the shares in the offering, are expected to start trading on the Nasdaq on Friday under the symbol “ABY”.
The Spanish firm plans to use Abengoa Yield to own, manage and acquire renewable energy assets in the United States and South America.
Abengoa SA gets 30 percent of its revenues from the United States, compared to 18 percent from its home market of Spain.
Citigroup and BofA Merrill Lynch are the lead underwriters for the offering.
Reporting by Avik Das in Bangalore; Editing by Savio D'Souza