Wind power firm breezes through first day of listing

BABCOCK & Brown Wind Partners Group made a solid debut on the ASX last Friday, trading under the ticker “BBW.” It listed at a premium after raising $396 million – with $35 million of oversubscriptions – in the initial public offer.
Wind power firm breezes through first day of listing Wind power firm breezes through first day of listing Wind power firm breezes through first day of listing Wind power firm breezes through first day of listing Wind power firm breezes through first day of listing

The Babcock & Brown Infrastructure (BBI) spin-off, which has stakes in 15 wind farms across Europe, the US and Australia, opened up 20c at $1.60 and was trading at $1.68 at the close of business Friday. It opened at $1.69 today.

BBI's share of BBWP will now fall from 50% to 17.5%, with parent Babcock & Brown's share declining to 15% from 17.5%.

Now with a market capitalisation of $62,701,096, the new company has forecast it will produce more than $100 million revenue for a net profit of $18.6 million for this financial year. In 2006/07, net profit is expected to grow to $21.9 million, it said.

The company says its three framework agreements in the US, Spain and Germany were key to medium-term growth. But these future acquisitions were not included in the future financial estimates.

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