- Press Releases
September 16 (Renewables Now) - French energy storage and solar photovoltaic (PV) technology company Entech SE has set a price range for its upcoming domestic initial public offering (IPO) at between EUR 5.91 and EUR 7.99 per share, seeking to raise proceeds of up to EUR 25.3 million (USD 29.9m) including overallotment.
The company will place about 3.17 million shares on the growth segment of Euronext Paris, according to a prospectus published on Tuesday.
Additionally, current investors will sell shares for a total of up to EUR 3.8 million.
Asset managemer Mirova, a unit of French investment bank Natixis owned by BPCE Group, has pledged to participate in the offering alongside two other new backers -- French state-owned fund Caisse des Depots et Consignations (CDC) and Eiffel Investment Group. Institutional investors have already subscribed for shares worth a total of EUR 13.1 million, or 60% of the offering.
Founded in 2016 and based in Quimper, Brittany, Entech develops, builds and operates renewable energy production plants and both on- and off-grid battery or hydrogen storage systems. With 68 staff, it has completed more than 230 projects in France, French overseas departments, Africa and Asia. The company has already secured orders enabling it to achieve its target of EUR 17 million in the fiscal year to March 31, 2021. Entech aims to grow its revenue to EUR 130 million, with a core earnings margin of 25%, by the end of March 2026.
The company is expected to start trading on October 4.
The proceeds will be used to scale up Entech's artificial intelligence (AI)-enabled technology platform, hire new staff and accelerate R&D in the field of green hydrogen and electric mobility.
(EUR 1 = USD 1.182)