Greenvolt prices IPO at lower end of range, to raise up to EUR 150m
Euronext. Source: www.live.euronext.com.
Portuguese renewables company Greenvolt – Energias Renovaveis SA has priced its initial public offering (IPO) on Euronext Lisbon at EUR 4.25 (USD 5.03) per share and is looking to raise up to EUR 150 million, including over-allotments.
Greenvolt is issuing some 30.59 million new ordinary shares to qualified investors and certain institutional investors, and has granted BNP Paribas SA as stabilisation manager an over-allotment option for up to 4.59 million additional shares. The option is valid for the next 30 calendar days.
The offering price implies a pre-money market capitalisation of about EUR 319 million. Trading under the symbol "GVOLT" commenced today.
At the same time, Greenvolt is expected to acquire Polish sector player V-Ridium by reserving a capital increase in kind of 11.2 million shares to the owners of the particular business.
Greenvolt operates five biomass plants with roughly 98 MW of installed capacity. Its parent, Portuguese pulp producer Altri SGPS SA (ELI:ALTR), said previously that forest biomass will continue to be Greenvolt’s core business, but it also wants the subsidiary to become an international player and branch out into the wind and solar power segments. Greenvolt aims at deploying close to 3.7 GW of capacity by 2025, of which roughly 1 GW will remain on its balance sheet.
“GreenVolt, the leader in biomass-based energy production in Portugal, will leverage on its expertise to enter in other European countries, positioning itself as the reference player in the consolidation of this technology in Europe. These operations will be complemented by a diversification into other technologies in the renewables market, already initiated in 1H 2021 when we became a panEuropean developer in Solar PV and Wind [...],” said CEO Joao Manso Neto.