French biomethane producer Waga Energy sets IPO terms

October 14 (SeeNews) - Waga Energy SA, a French producer of biomethane from landfill gas, on Thursday announced terms for its upcoming floatation on the Paris stock exchange in late October, targeting proceeds of up to about EUR 100 million (USD 115.6m) at the median point of the range.

Waga intends to sell up to roughly 4.6 million new shares priced between EUR 19.26 and EUR 23.54 apiece. A further 687,784 shares will be made available to cover the overallotment option. Waga's founding directors also intend to sell shares as part of the offering.

The total size of the offering could come to some EUR 113 million, including overallotment and the provisions of an extension clause.

The Grenoble-based renewable gas producer was established in 2015 by three former Air Liquide engineers. Waga has developed technology allowing for the capture of biogas from industrial or municipal waste storage sites and its transformation into biomethane, which can be used as a renewable alternative to natural gas. The energy start-up operates ten units in France, producing clean gas that can power around 35,000 homes. It booked net profit of EUR 1.69 million on turnover of EUR 9.5 million in 2020.

The company has already secured commitments for a total investment worth EUR 45 million from Vitol, Viva Energy and CMA CGM.

The initial public offering (IPO) is expected to price on October 26. Unconditional trading in the company's shares is scheduled to begin on October 28 under the ticker WAGA.

(EUR 1 = USD 1.156)

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