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Oil report

UPDATE 1-Spain's Soltec gets green light for IPO of up to 165 mln euros

(Adds regulatory approval)

MADRID, Oct 15 (Reuters) - Spanish solar-equipment manufacturer Soltec has received regulatory approval to list up to 165 million euros ($193.02 million) of shares on the Madrid bourse, the national market regulator said on Thursday.

Soltec had earlier sowed confusion by mistakenly announcing the approval before the CNMV regulator had officially signed off, forcing the company to retract its statement.

According to the prospectus, Soltec aims to list on Oct. 29 with a target price of between 3.66 euros and 4.82 euros per share. That would equate to a market capitalisation of 370.5 million to 440.4 million euros.

Soltec, which produces components that help solar plants follow the movement of the sun, will be the first company to go public in Spain since Grenergy made its market debut in December 2019.

The Madrid stock market is a hotspot for renewable energy firms and their suppliers, hosting Iberdrola, Acciona and Siemens Gamesa. ($1 = 0.8548 euros) (Reporting by Nathan Allen and Jesús Aguado; Editing by Kirsten Donovan)

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