(Adds details, shares)
LONDON, Dec 6 (Reuters) - Shares in Hansen Transmissions International, a Belgium-based maker of gearboxes for wind turbines, jumped 12 percent on their market debut on Thursday, after its initial public offering was priced at the bottom end of the indicative range.
At 1230 GMT, shares in Hansen HSNT.L were trading at 195p, after rising as high as 195-1/2p.
Hansen said it had priced the shares at 175 pence, raising 289.2 million pounds ($590 million) and valuing the company at 1.14 billion pounds.
On Tuesday, the group had indicated the price range at 175p to 233p per share.
“The IPO will help us to achieve our objectives of building upon our strong market position in the wind industry, in particular in the large-scale multi-MW wind turbine sector, and to expand our manufacturing capacity to meet increasing global demand,” its chief executive Ivan Brems said in a statement.
Hansen plans to use the proceeds from the IPO to fund the construction of integrated manufacturing facilities in India and China as the global wind energy market grows rapidly in line with increasing demand for renewable energy resources.
BTM Consult forecasts growth in global cumulative installed wind power capacity to rise to 203,151 MW by the end of 2011 from 93,106 MW at the end of 2007. (Reporting by Miyoung Kim and Dan Lalor; Editing by Erica Billingham and David Holmes)