(Adds details, shares)
LONDON Dec 6 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)