November 16 (Renewables Now) - French renewable power producer Neoen SAS (EPA:NEOEN) said Thursday the size of its initial public offering (IPO) reached EUR 697 million (USD 789m) after the over-allotment option was exercised in full.
Neoen's shareholders FPCI Capenergie II, FPCI Fonds ETI 2020 and Impala have sold additional 4,175,936 shares at a price of EUR 16.50 apiece, raising around EUR 68.9 million.
Upon the completion of the over-allotment option, French holding company Impala remains the largest shareholder with 50.1% of the share capital and voting rights. A total of 28.8% of Neoen's shares are in free float.
Neoen earlier said that the proceeds from the sale of new shares would be used to finance renewable energy development projects with a focus on its goal to reach capacity in operation and under construction of at least 5 GW by the end of 2021.
(EUR 1 = USD 1.132)