Premier Energy Group, one of the fastest growing privately owned vertically integrated energy infrastructure companies in SEE and one of the largest renewable energy players in Romania and the Republic of Moldova, announces its intention to proceed with an initial public offering of its ordinary shares on the Bucharest Stock Exchange (BSE), according to Business-Review.eu.
The Offer will take place after the approval of the Prospectus by the Romanian Financial Supervisory Authority (the “FSA”). The IPO will consist of a public offering to retail and institutional investors in Romania and an offering to eligible international institutional investors, in accordance with the provisions of the Prospectus.
Following the approval of the Prospectus by the FSA and the successful closing of the Offering, the Company intends to apply for admission (the “Admission”) to trading of the shares on the Regulated Market administered by the Bucharest Stock Exchange.
Offering highlights
- The Offering will enable investors to access an attractive, listed (following admission to trading) energy-transition investment opportunity in SEE, offering strong growth complemented by generous dividends and a solid ESG angle.
- In connection with the Offering, Premier Energy Group will seek to raise approximately €100 million, resulting from a capital increase with the exclusion of pre-emptive rights, and its main shareholder, EMMA Alpha Holding Ltd, (“EMMA Capital”) intends to sell existing shares of approximately €25 million (together the “Base Deal”). In addition, the Offering will also benefit from a customary over-allotment option provided by EMMA Capital of up to 15% of the Base Deal. The final structure of the Offering will be determined in proximity and communicated prior to its launch.
- The Company will use the proceeds of the Offering to fund future growth, especially in the renewables production segment.
- Following the completion of the IPO, EMMA Capital will continue to hold the majority of shares in Premier Energy Group.
- Lock-up arrangements are expected to be customary for both the Company (360 days) and EMMA Capital (180 days). In addition, there will be a lock-up of two years for the Company’s CEO, Mr Jose Garza, and CFO, Mr Petr Stohr, who intend to subscribe in the Offering.
- The Offering could be completed as early as May 2024, subject to capital market conditions.
- The Shares will be offered and traded, following the Admission, in Romanian leu (“RON”). Detailed information about the Offering will be published following approval of the Prospectus.
- Citigroup, UniCredit Bank GmbH (Milan Branch), and WOOD & Company are acting as Joint Global Coordinators in connection with the Offering. Alpha Bank Romania S.A. and BT Capital Partners S.A. are acting as Joint Bookrunners. STJ Advisors is acting as Financial Adviser to the Company in connection with the Offering. UniCredit S.p.A. is also acting as ESG adviser to the Company in connection with the Offering.
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