Altri starts selling the shares of the company led by Manso Neto. The offer deadline runs until July 8, and GreenVolt's debut on the Portuguese stock market may take place on July 13.
GreenVolt has decided to go ahead with its Initial Public Offering (IPO). It is now looking for institutional investors to buy its shares, which will be sold for up to €5 each. It hopes to attract up to €150 million in new capital to fund its growth in the renewables business over the next week, with a listing on the national stock exchange on July 13.
“The indicative price range for the IPO was set between 4.25 and 5.00 euros per share,” said the company led by Manso Neto in the statement sent to the Securities and Exchange Commission (CMVM). GreenVolt’s 30.6 million shares will be sold between these two prices, and the final price will depend on demand between this Friday, July 2, and next Thursday, July 8.
Altri’s renewable energy company intends to enter the Portuguese stock market through this cash capital increase, but also through another in kind, in the amount of €56 million euros that will be subscribed by V-Ridium, a company that owns wind and solar energy projects.
Through a cash capital increase, GreenVolt intends to raise €130 million, but that amount could rise to the €150 million it had previously announced to the market. To get there, it will need a hefty demand. “Assuming that the overallotment option is exercised in full, and that the placement of the new shares is also exercised, the value of the offer will amount to €150 million,” the company says.
“We are extremely confident in the reception of specialised investors to our IPO,” Manso Neto said in the document sent to the market. Altri has BNP Paribas and CaixaBank as Joint Global Coordinators, in addition to Santander and JB Capital Markets as Joint Bookrunners, to place these securities with large investors.
GreenVolt intends to attract investors especially in the US – through a private placement – although the offer is open to potential shareholders of all nationalities. And even current shareholders of Altri, the company where GreenVolt was born, have expressed interest in participating in the operation.
“Some of Altri’s reference investors have already revealed their great interest in GreenVolt’s shares,” says the company, pointing out some names: Promendo Investimentos, Caderno Azul, Actium Capital, Livrefluxo and 1 Thing Investments, all of them investors holding qualified stakes in Altri.
GreenVolt’s expectation is that there will be strong interest in the company’s bonds, ensuring the highest possible cash inflow. This amount will then be used to fund growth over the coming years. GreenVolt has been announcing a series of investments: this year it will invest €300 million, but the total invested until 2025 may reach €1.8 billion. The strategy, which is not in line with the distribution of dividends, will allow profits to increase by 40% a year until 2025.
There will now be one week to receive orders for the securities, and then the results will have to be calculated. If the IPO is successful, GreenVolt already has a date to debut in the Portuguese market. The ticker GVOLT could enter the Lisbon stock exchange a few days after the end of the offer deadline, on July 13.