Spanish energy giant Iberdrola said Tuesday it had priced the 20 percent stake in its renewable energy arm which it will float later this week at 5.30 euros per share.
The final IPO price came in at the bottom of the 5.3 to 7.0 euro range set by Iberdrola and it values Iberdrola Renovables at just over 22 billion euros (32 billion US dollars).
The listing is being seen as a test of market demand for green stocks.
The international tranche was 1.6 times subscribed while the the offer for retail investors was 3.4 times subscribed, Iberdrola said in a statement.
The 20 percent stake in Iberdrola Renovables, which operates mainly in wind power, will start trading on Friday.
Some traders had said that many orders already placed by institutions were conditional on the final listing price for Iberdrola Renovables coming at less than 6.0 euros per share.
