Premier Energy, a vertically integrated energy group particularly active in Romania and Moldova, announced it initiated procedures with the Romanian Financial Supervisory Authority (ASF) to carry out a 125 million euro initial public offering (IPO) on the Bucharest Stock Exchange (BVB).
Premier Energy, owned by Emma Capital, said the funds raised through the IPO will accelerate its development and renewables production segment.
-As the largest renewables production manager and aggregator of solar and wind plants in Romania and Moldova, Premier Energy Group is well-placed to benefit from the forecasted growth of renewables in the region – Jose Garza, chief executive officer of Premier Energy Group said.
The offer will start after ASF approves the IPO prospectus and is expected to be completed as early as May, subject to capital market conditions.
The final terms of the transaction have not been yet announced.
Under the IPO, Premier Energy seeks to raise about 100 million euros by issuing new shares, while the group’s main shareholder, Emma Capital, plans to sell shares worth 25 million euros.
Following the IPO, Emma Capital will remain the majority shareholder of Premier Energy.
This will be the first IPO on the Bucharest Stock Exchange after the 2 billion euro listing of Romanian state-owned power producer Hidroelectrica in 2023.
Premier Energy has been active in Romania for ten years in the distribution and supply of natural gas, as well as in the production and supply of electricity from renewable sources.
The company currently has 1,000 MW of green projects under ownership, management or in development in Romania, evenly split between wind and solar and across the country, intellinews.com reports.
