Enogia prices IPO at mid-range, achieves market cap of EUR 45m

Enogia compressor for fuel cells. Source: Enogia

July 12 (Renewables Now) - France’s Enogia has priced its initial public offering (IPO) on the Euronext Growth market in Paris at EUR 11.60 (USD 13.78) per share, which is the middle of the indicative price range announced earlier.

A total of 954,032 new shares were issued as part of the offering, raising total gross proceeds of about EUR 11.1 million, with overall demand amounting to EUR 12.9 million. The total amount of the transaction could rise to EUR 12.7 million if the greenshoe option is exercised in full.

The IPO gives the company a market capitalisation of almost EUR 45 million. The start of trading on Euronext Growth Paris under the ticker symbol “ALENO” is scheduled for July 14, 2021.

Enogia develops, manufactures and markets micro-turbines used in the conversion of heat into electricity. They are integrated into micro-power plants as Organic Rankine Cycle (ORC) modules. These can be fitted on industrial, maritime, agricultural or geothermal sites, or on power gensets.

The company is also offering compressors for hydrogen fuel cells. Enogia is currently holding talks with about 30 sector players in three market segments -- stationary applications, heavy mobility and light mobility, it said previously.

The company plans to use the proceeds from the IPO to make further investments in research and development (R&D), increase the pace of customer acquisition and ramp up production capacity.

(EUR 1.0 = USD 1.187)

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