Greenvolt shares soar 24% on stock-market debut
The value of shares in renewable energy company Greenvolt soared by 24% on their Lisbon stock-market debut this week.
The list price was up 24.47% to €5.29 and more than 50,000 shares have already changed hands.
The initial price per share in the public offer had been €4.25 per share, with €30.5 million shares being issued.
Even before the debut, the CEO of Greenvolt, João Manso Neto had already said that he wanted to see the shares trading high alongside the biggest companies on the Lisbon stock market.
“We have the ambition that as soon as possible, and it has to be in September, because it can’t be before then, Greenvolt will join the PSI-20 (the top Portuguese listed companies on the capital market). It is a question of honour and we want to achieve it. Joining the capital market will open doors to us.”
On Wednesday at a launch event at the stock market Manso Neto said, “This is an interesting project and I don’t believe there has been a launch on the stock market of this magnitude since 2014”.
“This is a renewable energy project that is the result of studying where the market is going and how we can be different and what makes sense. We are leaders in the biomass market,” he said at the event.
Last week, Greenvolt exceeded the €150 million forecast in the PAO just three days before the end of the share offer.
The paper making company Altri, which owns Greenvolt, informed that it would distribute one Greenvolt share for each multiple of 55 Altri shares to shareholders and 10 cents per company share on the Altri subsidiary’s floatation on the stock market.
In 2020, Greenvolt had profits of €18 million, the business turnover stood at €90 million and the EBITDA was set at €33 million.