SUMMIQ posts prospectus for up to EUR-100m IPO

Wind farm in Germany. Author: Marco Verch.

November 25 (Renewables Now) - German renewable power producer SUMMIQ AG on Friday published the securities prospectus for an initial public offering (IPO) that could fetch between EUR 75 million (USD 68m) and EUR 100 million.

The company, which is currently fully-owned by project developer Green City AG, will offer between 7.5 million and 10 million shares at a fixed price of EUR 10.00 per share. Investors will be able to submit purchase orders from November 25 till December 5. The first day of trading on the m:access segment of the Munich Stock Exchange is scheduled for December 11, 2019.

After completion of the listing, Green City will hold less than 1% of the company's share capital. M.M.Warburg & CO (AG & Co) KGaA serves as global coordinator and bookrunner.

As previously announced, SUMMIQ plans to use the proceeds from the IPO to acquire certain renewable power projects from a secured pipeline. It has already signed a deal to buy three initial assets and expects to acquire a further nine next year. Together, these plants represent 190 MW of total onshore wind and solar photovoltaic generation capacity in Germany, Italy, France and Spain.

The goal of the company is to establish a 1-GW portfolio within five years, comprising at least 80% onshore wind and solar and some 20% of other types of renewables or energy storage.

(EUR 1.0 = USD 0.908)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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