Telvent, the IT services subsidiary of Spanish business group Abengoa SA, is offering almost 10 million shares on Nasdaq in an initial public offering that could raise up to $145 million for the company and help it expand into the US.
Abengoa has set a price range of between $12.50 and $14.50 a share for 8.7 million shares, with and additional 1.3 million shares set aside in case of an over-allotment. This means Telvent could raise between $108.8 million and $145 million if the additional shares are sold.
The IPO is part of Telvent’s expansion into the US, where last year it bought up the IT division of Finland’s Metso in the US. In 2003, Telvent’s revenue was 300 million euros ($368 million), with Spain accounting for 53%, followed by Latin America with 24%, and North America 15%.
Abengoa, which owns 84% of Telvent, expects to have floated shares on Nasdaq as early as the end of October.