Atrato Onsite Energy plc, a newly-created investment trust seeking to invest in UK commercial rooftop solar, has completed its initial public offering (IPO) on the London Stock Exchange, raising GBP 150 million (USD 202m/EUR 178m) in gross proceeds.
The proceeds are equal to the maximum IPO size, which is the sum that the investment adviser, Atrato Partners Ltd, thinks can be deployed over a period of 12 months.
Atrato Onsite said the issue was significantly oversubscribed, with investor demand covering the maximum IPO amount multiple times. There was a material scaling back as a result.
"Atrato Onsite Energy plc aims to be the partner of choice for UK businesses considering rooftop solar in their plans to reach net zero,” said Gurpreet Gujral, managing director of Atrato Partners. “We are already working closely with our corporate customers to reduce both their carbon footprints and energy costs, and we look forward to updating our investors on our progress," Gujral added.
Atrato Onsite is chaired by Juliet Davenport, founder of Good Energy plc.
The investment trust announced an intention to float in late October. The company’s shares are expected to start trading on November 23 under the ticker "ROOF".