Monday , May 16 2022

Enefit Green IPO shares were re-registered 4 times


More than 60,000 private investors have registered and more than 80% get a full subscription, according to BNS, but the base price is 2.90 euros per share.

Ane Karmas, CEO of Enefit Green, said the company plans to use the money raised and IPO to implement a growth strategy and double renewable energy capacity by 2025.

55% of the shares are allocated to individual investors and the remaining 45% to institutional investors.

Up to 1,000 shares have been fully subscribed by retail investors and 5.5% of all required subscriptions exceed this level.

Eesti Energia’s board of directors and supervisors in the three Baltic countries have allocated 100% of the subscription amount to up to 2,000 shares and, again, 5.5% of the required subscriptions exceed this level.

Hando Sutters, chairman of the supervisory board, says the event demonstrates investor confidence in the team and the Snow Green plan.

The secondary shares to be sold on offer increased to 60 million euros, as a result of which the transaction increased to 175 million euros, reports SNB.

Quick information about Enefit on its IPO:

  • 34,482,759 new shares and 25,862,068 secondary shares were issued, meaning 60,344,827 shares were available.
  • The IPOs will account for 22.8 percent of all company shares.
  • The total income of the program reaches c. 175 million euros, of which the total revenue of Enefit Green is about 100 million euros, and Eesti Energy – almost 75 million euros, according to Nasdaq Tallinn.
  • In the main proceedings, the company aimed to raise 100 million euros by issuing new ordinary shares, while Eesti Energia aimed to increase up to 15 million euros by selling existing ordinary shares for a total operation. of 115 million euros.
  • The shares offered are not entitled to receive dividends paid by the Company for the financial period beginning in January. 1 and 2021 and for any subsequent financial year.
  • Enefit Green also pledged to pay dividends equal to 50 percent of the previous year’s net profit.
  • The subscription shares assigned to investors are expected to be transferred to the investors ’securities accounts on or about October 20, 2021.
  • Trading in the shares of the company listed on the Baltic Stock Exchange is expected to begin on the Tallinn Nasdaq Tallinn Stock Exchange on October 21, 2021 approximately.

Enefit Green operates 22 wind farms, 38 solar power plants, four cogeneration plants, one pellet plant and one hydroelectric plant in Estonia, Latvia, Lithuania and Poland.

The company produced a total of 1.35 TWh of electricity in 2020. Enefit Green’s total revenue last year was 162.7 million euros, but EBITDA was 110, 2 million euros.

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