GreenVolt in 30% free float
GreenVolt, the renewables energy company whose main shareholder is Altri, is going to market on 13 July with a 30% free float in shares set at between €4.25 and €5.
The company managed by former EDP Renewables president Manso Neto is the subject of a Public Investment Offer (IPO) which according to Negócios has “some nuances that could interfere with the final shareholding structure.”
GreenVolt’s main shareholder is Altri which holds, either directly or indirectly, all of the voting rights of the clean energy company whose shares will be floated on the Lisbon stock market later this month.
Altri will sell its shares in the company with the deadline to buy up to 8 July. Altri is currently scrambling to find institutional investors to buy its shares in GreenVolt and hopes to attract up to €150 million of fresh cash to finance the growth of its renewables business.
“The price range for the IPO has been defined at between €4.25 and €5 per share”, states the company in a communiqué sent to the stock market regulator and commission CMVM.
And the €30.6 million GreenVolt shares will be sold at between these values. The final share price will be set in accordance with the demand for the shares seen between Friday, 2 July and Thursday 8 July.
An IPO is a form of equity financing, where a percentage ownership of a company is given up by the founders in exchange for capital. It is the opposite of debt financing. The IPO process works with a private firm contacting an investment bank that will facilitate the IPO.
Altri’s renewable energies arm will float on the Portuguese capital market through this increase in cash capital in return for shares, but also via another instrument worth €56 million which will be subscribed by V-Ridium, a company that has wind and solar projects.
The CEO of GreenVolt, Manso Neto says “some notable investors in Altri have already shown great interest in buying GreenVolt shares.”