MADRID, Nov 14 (Reuters) - Spanish clean energy and water utility Cox set the final price for its initial public offering (IPO) at 10.23 euros a share, implying a market capitalisation of 805 million euros ($849.4 million).

The price was set at the bottom of the announced range of between 10.23 euros and 11.38 euros, the company said late on Wednesday.

The share pricing came after the company lowered the size of its IPO to about 175 million euros from around 200 million euros on Tuesday, according to filings sent to the Spanish stock market regulator.

Assuming 10 million euros worth of shares granted to Santander (SAN.MC) , opens new tab, which acted as a "stabilising manager" for the offering, as over-allotment, the company is likely to raise a total of 185 million euros, it said.

Cox had originally said it would price its new shares on Tuesday.

The company had announced its IPO plans on Nov. 5, before shares in European clean energy groups fell following Donald Trump's election, as investors worried over a potential dismantling of U.S. support for renewables and climate policy.

"Despite a tough IPO market, the investor demand reflected in our pricing is testament to the value that investors see in our strategy and track-record, as well as the growth prospects ahead of us in water and energy," Cox's executive chairman Enrique Riquelme said in a statement.

Cox reduced the size of its IPO to adapt to the market's lower appetite, a source close to the process told Reuters.

Riquelme controlled 77.85% of Cox before the IPO and said he intended to retain more than 60% following the offering.

The company had said it would use the funds raised from the IPO to partly finance equity requirements for its energy projects and to invest in water concessions.

($1 = 0.9477 euros)

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https://www.reuters.com/markets/deals/spanish-utility-cox-prices-shares-1023-euros-ipo-implying-849-mln-market-cap-2024-11-14/