GreenVolt's IPO is proving successful. The renewable energy company has already secured orders above the €150 million foreseen in the offer.
Greenvolt this Friday secured the investor base for its initial public offering (IPO), having already guaranteed orders exceeding €150 million, when the operation only ends next Monday. As a result, Altri’s renewable energy company is one step closer to go public. The stock market debut is scheduled for July 15.
Through a statement sent to CMVM, the Portuguese company “informs that it was reached today a volume of subscription orders that exceeds the object of the offer (including the “Initial Offer Shares” and the “Option Shares”).”
Since the beginning of the month, the company led by Manso Neto has been looking for institutional investors to buy shares at a price that will be between €4.25 and €5.00.
In this operation, Greenvolt expected to raise at least €130 million, which could increase up to€ 150 million (+15% of the offer) if the overallotment option is exercised in full. This is what it has already secured this Friday, which could be a good indicator regarding the price at which it will sell the shares.
It is through this capital increase that the electric company will go public, which is scheduled for next Thursday. But there are still some steps to go before it gets there.
The book-building period only ends on Monday, “with the disclosure of the amount of the capital increase and the indication of the final price per share expected to take place on the following day.”
In addition to the capital increase in cash, Greenvolt also carries out a capital increase in kind for €56 million and that will be subscribed by V-Ridium, a company that owns wind and solar energy projects. In other words, the operation will amount to €206 million.
Altri relies on 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.
Only with GreenVolt on the market, with the ticker GVOLT, will small investors be able to access the shares by buying them on the stock market. Investors holding Altri securities will receive shares from the newly listed company in the form of dividends.