Spain's Ecoener probed for allegedly paying shareholders to join IPO

Spanish renewable energy developer Grupo Ecoener SA (BME:ENER) is under investigation for allegedly providing funds to shareholders, enabling them to purchase the company's shares during its initial public offering (IPO) in 2021.

Spanish securities market regulator CNMV said on Tuesday that it is initiating disciplinary proceedings against two members of Ecoener’s board. The unnamed individuals are accused of granting financing to two shareholders on April 29, 2021 for the subscription of shares in the IPO.

The regulator clarified that the defendants have the legal means to defend their rights, adding that the announcement does not predetermine the final outcome of the disciplinary proceedings.

Back in spring 2021, Ecoener was gearing up for a EUR-200-million IPO, but had to scale back its ambitions and lower the offering to just below EUR 100 million due to a lack of interest in its stock.

The shares closed down 15.25% on the first day of trading in Spain.

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