May 19 (SeeNews) - MK Fintel Wind, a joint venture of Serbian vertically integrated conglomerate MK Group and Italy's Fintel Energia Group, said it plans to carry out an initial public offering (IPO) on the Belgrade Stock Exchange, offering between 20% and 40% of its capital.
With the IPO, the company aims to raise 60 million euro ($66.8 million) from institutional and private investors that will be invested in the construction of a 117 MW wind farm in Kosava, northern Serbia, and other smaller projects, MK Fintel Wind said in a statement on Thursday.
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"We have been working on this plan for several months already, but in recent weeks there has been a significant advancement because a large amount of funding is circulating, and many institutional investors are looking for profit," the executive director of MK Fintel Wind, Tiziano Giovanetti, said in the statement.
MK Fintel Wind is currently selecting advisers and consultants for the IPO. It expects its market capitalisation to stand at between 100 million euro and 120 million euro, the company said.
In October, MK Fintel Wind said it plans to invest 50 million euro in first phase of the construction of the Kosava wind farm. The total investment in the project is estimated at 124 million euro and its construction is expected to be completed in 2019.
MK Fintel Wind, a 46/54 joint venture between MK Group and Fintel Energia Group, was set up in 2008 and already operates two wind farm in Serbia, with a combined installed capacity of 16.5 MW.
($ = 0.8978 euro)