The Financial Supervisory Authority (ASF) approved the prospectus for the initial public offering (IPO) and for the admission to trading of Premier Energy PLC shares on the regulated market of the Bucharest Stock Exchange (BVB), the company announced.
According to the cited source, the Offer Period begins on May 8, 2024 and is expected to end on May 15, 2024.
The indicative range of the Offer Price was set between 19 lei and 21.50 lei per share. The offer includes up to 35.94 million shares.
“Furthermore, upon the recommendation of the Joint Global Coordinators and following consultation with them, the Company and the Selling Shareholder may jointly decide to increase the number of Offered Shares by up to 20% of the number of Basic Shares, representing up to 6,250,063 Additional Shares , of which 80% will be additional New Shares and 20% additional Existing Shares. After the completion of the IPO, EMMA Capital will continue to hold the majority of the shares in Premier Energy Group,” the group’s statement said.
The initial public offering will consist of a public offering addressed to retail and institutional investors in Romania, as well as an offer addressed to eligible international institutional investors.
The admission of the Shares to trading and the start of trading at the BVB is expected to take place on or around May 27, 2024, the quoted source states.
The Company will use the funds obtained within the Offer to acquire renewable energy assets in Romania and Moldova, as well as to cover the capital expenditures made with the development of renewable energy production assets.
The company intends to distribute 30% – 70% of its annual consolidated net profit as dividends.
“In recent weeks, Premier Energy’s attractive investment perspective seems to have been well received by potential investors and we look forward to meeting them in the coming days. Both for Romanian and international investors, Premier Energy offers access to an investment opportunity in the energy transition in markets with considerable growth potential, as well as a financially strong company with ambitious plans for the renewable energy sector, a generous dividend policy and a robust approach to ESG principles,” said Jose Garza, CEO of Premier Energy Group, in the statement.
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 has over 1,000 MW of renewable electricity generation capacity under ownership, management or development in Romania and Moldova, together with one of the fastest growing renewable electricity supply businesses in both countries.
In Romania, the Group is the third largest distributor and supplier of natural gas with over 150,000 consumption points. It is also the largest distributor and supplier of electricity in Moldova, with almost one million consumption points and over 840,000 customers, serving approximately 70% of the Moldovan 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 whom are household customers and small businesses.
Premier Energy Group was founded in 2012, entered the natural gas market in Romania in 2013, and the electricity market in the Republic of Moldova in 2019. The company is fully owned by EMMA Capital.
In the year ended December 31, 2023, the Group generated consolidated revenues of 912 million euros, net profit of 78.8 million euros and adjusted EBITDA of 127.7 million euros.