The price of Premier Energy's initial public offering (IPO) is set at RON 19.5 per share, which implies a market capitalization of RON 2.4 billion (EUR 489.8 million).
Romanian media reported this citing the company and noting that EMMA Capital continues to own 71.25% of Premier Energy Group after the offering. Romanian retail investors were entitled to a 5% discount from the offer price for subscription orders validly submitted during the first 3 business days of the offer period. The final discounted offer price for shares subscribed for under these conditions is 18.53 lei (MDL) per 1 share. "The offer includes 25,000,250 new shares offered by the company for subscription, 6,250,063 existing shares offered for sale by its major shareholder EMMA Alpha Holding Ltd (EMMA Capital, the "selling shareholder") and 4,687,546 total shares granted by EMMA Capital," the company said in a statement. The offer consisted of a public offer addressed to retail and institutional investors in Romania and an offer addressed to eligible international institutional investors, with the final allocation of the proposed tranches as follows: 20% of the offer shares were allocated to retail investors and the remaining 80% of the offer shares were allocated to institutional investors. The total proceeds amounted to RON 695.1 million, including RON 483.5 million for the issuer and RON 211.5 million for the selling shareholder. The settlement will take place on May 20. The admission of the shares to trading and the start of trading on the Bucharest Stock Exchange under the symbol "PE" is expected to take place around May 27. Immediately after admission, the company's shares will be included in the BET index of the Bucharest Stock Exchange. Citigroup Global Markets Europe AG, UniCredit Bank GmbH (Milan branch) and Wood & Company are acting as joint global coordinators in connection with the offering. Alpha Bank România S.A. and BT Capital Partners S.A. are acting as co-owners of the subscription register. STJ Advisors is acting as financial advisor to the Company regarding the offering. UniCredit S.p.A. is also acting as ESG advisor to the company regarding the offering. Premier Energy will use the proceeds of the offering to acquire renewable energy assets in Romania and Moldova and to cover capital expenditures related to the development of renewable energy generation assets. The company intends to distribute 30% to 70% of its annual consolidated net income as dividends. "Premier Energy's attractive investment prospects and significant growth potential are reflected in the strong demand we are seeing from both retail and institutional investors in Romania and abroad. We are pleased with the success of our initial public offering and listing on the Bucharest Stock Exchange and we wish all our new shareholders a warm welcome. They join us in the next dynamic phase of Premier Energy's development, which I am convinced will allow us to further develop our business successfully and we will establish ourselves as a regional leader in the transition to green energy," said Jose Garza, CEO of Premier Energy Group. Premier Energy Group is one of the fastest growing private vertically integrated energy infrastructure companies in Southeast Europe and one of the largest renewable energy players in the region. The Group owns, operates or develops more than 1,000 MW of renewable electricity generation capacity in Romania and Moldova, and is one of the fastest growing renewable electricity generation companies in both countries. In Romania, the Group is the third largest distributor and supplier of natural gas with more than 150 thousand consumption points. It is also the largest electricity distributor and supplier in Moldova, with almost 1 million consumption points and more than 840 thousand customers, serving approximately 70% of Moldova's population. Following the acquisition of CEZ Vânzare in Romania, Premier Energy Group serves a total of approximately 2.4 million electricity and natural gas customers in Romania and Moldova (an increase of approximately 1.4 million), the majority of which are residential customers and small businesses. EMMA Capital holds a controlling stake in the company. In 2023, the group generated consolidated revenues of EUR 912 million, net income of EUR 78.8 million and adjusted EBITDA of EUR 127.7 million. // 17.05.2024 - InfoMarket.
