The company led by Manso Neto successfully completed its IPO, making its debut on the Portuguese Stock Exchange.
The Portuguese Stock Exchange on Wednesday welcomed GreenVolt, after successfully completing a capital increase. It was through a private placement that Altri’s green energy company took this step, with the successful initial public offering (IPO) fundraising seen as a reflection of the new listing’s “attractive strategy”. Manso Neto is pleased with the steps taken towards the stock exchange, but wants to “reach the PSI-20 as soon as possible.”
Instead of a public offering of shares, GreenVolt opted for a private placement of its securities, a “more discreet” one in the words of Isabel Ucha, CEO of Euronext Lisbon. More than 30 million shares were sold “to over 60 institutional investors,” Pedro Wilton, responsible for listing activities in Euronext Lisbon, revealed, adding that more shares will be placed in the next 30 days. In total, the over 100 million securities that represent the total capital of the company are valued at the IPO price of €4.25 – €500 million.
After highlighting the speed of this whole process of entering the capital market, which took about four months, Manso Neto, CEO of GreenVolt, revealed an ambition: “we intend to join the PSI-20 in September [which is when it is possible because of the quarterly review of the index]. We want to be in the PSI-20 as soon as possible”.
Manso Neto is counting on the shares’ success as soon as they are listed on the stock exchange, based on the strong demand for the shares in this process of the capital increase. The “IPO was largely oversubscribed. We had a problem with the allotment. It was a problem, but it was a good problem,” he said during the special session of the Euronext Lisbon stock exchange, which was monitored digitally.
The CEO stressed that “when there are ideas, it is not regulation that slows us down”. Manso Neto even applauded the appetite shown by Portuguese investors. There was a “very strong adhesion by Portuguese institutional investors,” Manso Neto said without, however, revealing the percentage that remained in their hands.