Fastned seeks up to EUR 30m from listing on Euronext Amsterdam

Dutch electric vehicle (EV) charging stations operator Fastned BV could raise about EUR 30 million (USD 33.9m) gross from a public offering and listing on Euronext Amsterdam, it was announced on Wednesday.

The company said that, starting on June 13, it is offering up to 3 million new Fastned depositary receipts (DRs) at EUR 10 apiece. Excluding an over-allotment option of up to 10% of the total number of Offer DRs, Fastned anticipates to raise about EUR 27.3 million in gross proceeds. It intends to use the fresh funds to meet the operational and capital expenditures associated with expanding its European network of fast charging stations.

“The car industry is investing billions of euros in the development and mass production of full electric vehicles, and we expect a strong increase in demand for fast charging in the coming years,” commented CEO Michiel Langezaal.

The Amsterdam-based company is developing a network of fast charging stations that supply 100% renewable power to fully electric vehicles. At present, that network includes 99 fast charging stations, with 86 in the Netherlands, 12 in Germany and one in the UK. The firm’s European expansion plans concern Belgium, Switzerland and France.

Fastned noted that Langezaal and another co-founder, Bart Lubbers, will not sell securities in the offering. If the over-allotment option is exercised in full, the DRs sold in the offering will constitute a stake of up to 20.3%.

The offering ends on June 20 and listing of the DRs is scheduled for June 21, 2019.

(EUR 1.0 = USD 1.130)

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