SUMMIQ cancels IPO as order book falls short of target

German renewable power producer SUMMIQ AG said Tuesday its initial public offering (IPO) would not take place this year after purchase orders from investors fell short of the company's target of between EUR 75 million (USD 83m) and EUR 100 million.

Investors had until December 5 to submit their orders. The order book showed that the total did not reach the targeted proceeds, which SUMMIQ needs in order to buy 12 renewable energy projects and meet its growth goals for 2020, according to the statement.

The company was supposed to start trading on the m:access segment of the Munich Stock Exchange on December 11.

The management is now considering other funding options, which do not exclude a public offering in the future.

SUMMIQ, currently fully-owned by project developer Green City AG, aims to establish a 1-GW portfolio within five years, comprising at least 80% onshore wind and solar and 20% of other types of renewables or energy storage. The 12 projects it planned to buy with the proceeds from the IPO have a total capacity of 190 MW, including onshore wind and solar power plants in Germany, Italy, France and Spain.

(EUR 1.0 = USD 1.1)

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