PwC and Enel Green Power IPO

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The IPO of EGP represented a terrific opportunity for investment in a strategically important global renewable asset. It originated as a dual track process (disposal/IPO) and terminated in the most important IPO in Europe since April 2009. The public offering in Italy and Spain generated demand for around 1,260 million EGP shares from approximately 340,000 investors. Demand from institutional investors amounted to about 520 million EGP shares. The main hurdles we encounterd in the IPO process:

  • timing issues
  • stock market issues (timing for the IPO launch)
  • regulatoryframework uncertainty
  • high geographical fragmentation and the short track records of the EGP Group

PwC faced these issues by dedicating multidisciplinary Energy & Utilities and IPO teams in Italy and worldwide to support the client through the entire transaction process.


PwC Italy led the process, supervising the project management activity. A core team consisting of PwC Italy professionals was focused on issues related to the EGP disposal/IPO coordinating the contribution of local teams.

Our Capital Markets and Accounting Advisory experts coordinated the IPO process and the specialists involved (i.e. Regulatory, Commercial Due Diligence, Management Control System, Financial and Tax, etc.). As part of this engagement we had the opportunity to leverage on an international network (i.e. North and Latin America) and a multidisciplinary team allowing us to effectively address all the issues and key matters.


PwC’s success in the EGP IPO is the result of a strong relationship built with the Enel Top management. In particular, the Capital Market & Accounting Advisory Group was able to provide most of the services and skills required for a complex IPO process, thus helping simplifying the process and providing the client with the synergies obtained from having one group perform many roles.

The PwC team succeeded in being recognised as a competent advisor, able to render the traditional services provided by a financial advisor complemented by both strong knowledge of the market regulations and accounting skills. The success is also the result of the relationship developed with the other main players in the IPO process, such as banks, lawyers, regulators and the Stock Exchange.