Premier Energy Group unveiled today a decision for an initial public offering (IPO) on the Romanian stock market, with the aim of raising EUR 100 million (USD 106.3m) to fuel future expansion, mainly within the renewable energy production sector.
Alongside the new ordinary shares to be offered by the company, its sole owner EMMA Alpha Holding Ltd (EMMA Capital) intends to offer existing shares of around EUR 25 million and has also additionally granted an overallotment option equivalent to 15% of the core offering.
Premier Energy has decided to list its shares on the regulated market administered by the Bucharest Stock Exchange (BSE). The company will proceed with the transaction following the approval of its IPO prospectus by the Romanian Financial Supervisory Authority (FSA). The offering is expected to be completed as early as May, subject to capital market conditions.
Following the conclusion of its IPO, EMMA Capital will remain the majority owner of Premier Energy.
The joint global coordinators hired for the IPO include Citigroup, UniCredit Bank GmbH (Milan Branch) and WOOD & Company. Alpha Bank Romania SA and BT Capital Partners SA are acting as joint bookrunning managers.
The final terms of the transaction will be announced ahead of the IPO launch.
Founded in 2012, Premier Energy is active in vertically integrated renewable power generation and distribution and supply of electricity and natural gas. It describes itself as one of the largest renewable energy players in Romania and Moldova where it has over 1,000 MW under ownership, management or development.
The company reported consolidated revenues of EUR 912 million, a net profit of EUR 78.8 million and adjusted earnings before interest, taxes, depreciation and amortisation.
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