Neoen says greenshoe option in IPO exercised in full

Solar panels. Photo by: Neoen (www.neoen.com).

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)

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