Renewables company led by Manso Neto debuts this Monday on the PSI-20, two months after it joined the Lisbon stock exchange.
Two months after having entered the Lisbon Stock Exchange, GreenVolt is now part of PSI-20. The renewable energy company led by Manso Neto is now one of the listed companies on the national reference index. If two months ago it was worth €500 million, today it has a market value of €713 million, with each share exceeding €6.
In July, when GreenVolt debuted on the national stock exchange, Manso Neto already stated his desire to see the company join the PSI-20. “We want to be in the PSI-20 as soon as possible”, said Manso Neto, during the traditional bell ringing at Euronext. Last week, in an interview with the Portuguese newspaper Expresso, he mentioned that, “the only risk there could be was that there was not enough liquidity” but that did not happen.
“What has been occurring is that the shares have been having a positive movement, but with a lot of liquidity,” noted GreenVolt’s CEO, adding that it is important for the company “to be exposed to the market, with the securities listed” and “having to respond to the market every quarter.”
GreenVolt made its debut in the Lisbon stock exchange through a private placement, instead of opting for a public offering (IPO). It turned out to be a “more discreet” operation, as explained at the time by Isabel Ucha, CEO of Euronext Lisbon. Over 30 million shares were sold to more than 60 institutional investors.
The company started trading on the Lisbon stock exchange on July 15, with a value of €4.25 per share, having reached a maximum in the very first moments of trading when it peaked at €5.30 (almost +25%), above the maximum limit of the IPO range. Last Friday it closed up 2.63% to €6.24, resulting in a market capitalisation of €713.15 million.
To join the PSI-20 it is necessary for a listed company to comply with certain requirements such as the number of shares and capital dispersed in the stock exchange and the speed of trading, and there were doubts whether GreenVolt could comply with this last rule. With GreenVolt’s inclusion, the PSI-20 will now comprise 19 members, bearing in mind that the quarterly review announced by Euronext did not promote any company.
With more than 50% of the shares, Altri is the largest shareholder, followed by V-Ridium Europe (9.23%). The Dutch Nationale-Nederlanden, Santander Asset Management and Bestinver Gestión have stakes of over 2%, as well as Actium Capital, owned by businessman Paulo Fernandes, which strengthened its position in the company’s capital on Friday, now holding over three million shares (2.52%).