An alternative investment fund, GEM GLOBAL Yield LLC SCS, has entered Green Tech shareholder base, purchasing a 29.7% stake, a move that was foreseen in the company’s public offering prospectus in December.

Green Tech International, owner of one of the largest portfolios of geothermal wells in Europe and a platform for geothermal energy solutions, marked the debut of share trading on the Regulated Market of the Bucharest Stock Exchange (BVB) on February 7, under the stock symbol GREEN.

According to BVB information, in addition to GEM, the shareholders also include ALPEUROPE INVESTMENTS GMBH, with 21.14% (compared to 51.19% before the offer) and HENRI MAILLARDET AG with 35.83% (compared to 36.08% previously). SAI Swiss Capital and Swiss Capital also reported a 10.01% stake.

Earlier this year, Swiss Capital, the intermediary for Green Tech International’s initial public offering, announced that, out of a total of 2 million shares offered, 25,500 were allocated to the institutional investors tranche (1.28% of the total), while 508,922 shares went to the retail investors tranche (25.45%), with a total of 534,422 shares allocated.

The group has over 12 years of experience in providing green heat to small communities and larger, more complex customers such as District Heating Networks, large industrial customers and new real estate developments seeking a cleaner environmental impact.

According to the offering prospectus, the IPO targeted a maximum of 2.81% of the company, while the investment fund GEM GLOBAL Yield LLC SCS had committed to take over a 29.9% stake for 135 million euros (outside the offering).

According to Bloomberg, GEM Global Yield Fund LLC SCS is an alternative investment firm. The firm manages a diverse set of investment vehicles focused on emerging markets.

According to the prospectus, Green Tech International aims to strengthen its presence in industries that offer optimal synergies, such as sustainable food production, district heating and cooling solutions for data centers. The company aims to invest, among other things, in the development of the Călimăneşti Agroindustrial Geothermal Park, Vâlcea, using about 23.5 MW of geothermal energy for the district heating of the city of Călimăneşti, but also for cold storage and fruit and vegetable processing facilities.