Chorus Clean prices shares for Frankfurt IPO at range's low end

German solar and wind parks operator Chorus Clean Energy AG said on Friday it has priced its shares in connection with its initial public offering (IPO) at EUR 9.75 (USD 10.94) apiece, the lower end of its previously announced range.

Based on that price, the company expects to raise some EUR 119 million gross, if the greenshoe option is fully exercised, after placing 12.16 million shares. Its market capitalisation, meanwhile, has been estimated at EUR 270 million.

Chorus Clean Energy’s shares are scheduled to start trading on the regulated market of the Frankfurt Stock Exchange from October 7, 2015.

The IPO was postponed once in July because of the debt crisis in Greece and its impact on the global financial markets. The company said previously it will use the net proceeds to realise its growth plans, finance more solar and wind farms, and broaden its service portfolio in the field of asset management.

At present, Chorus operates over 250 MW of solar photovoltaic (PV) and wind power plants in Germany, Italy, France, Austria and Finland. In recent years, it has invested a total of EUR 673 million in 67 projects.

(EUR 1.0 = USD 1.122)

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