EDP says to price renewables IPO at 7.4-8.9 euros/shr

LISBON, May 15 (Reuters) - Energias de Portugal (EDP.LS: Quote, Profile, Research) said on Thursday it will go ahead with a planned initial public offering of its renewable energy unit and set the IPO price at between 7.4 euros and 8.9 euros per share.

EDP said in a statement the IPO of 25 percent of the renewable energy unit, which is the world's fourth biggest wind power company, would be launched on May 19 and the new shares will be listed as of June 4.

At the established price range, the renewable energy unit has an enterprise value of between 7 billion euros and 8 billion euros and the IPO will reach up to 2 billion euros, EDP said.

Analysts had estimated that the enterprise value of EDP's renewable energy unit was between 8.9 billion euros and 11 billion euros. (Reporting by Sergio Goncalves and Axel Bugge)