Major success for ENTECH’s initial public offering on Euronext Growth in
Entech raises €25.3m following the exercising of the extension clause to accelerate its commercial development, consolidate its technological lead and position itself upstream from the value chain through co-development projects- Operation potentially rising to a maximum of €29.1m, if the Over-allotment Option is exercised in full, with existing shares to be sold by the Company’s current shareholders
- Offering 2.2 times oversubscribed, with €48m of demand
- Price per share set at €6.95, in the middle of the price range
- Market capitalisation: €100.7m1
- Settlement-delivery on 1 October, with trading to start on Euronext Growth®
Paris on4 October 2021
Quimper,
“I would like to thank all of our many investors, both professionals and individuals, for expressing their confidence in our Company’s potential by investing in our initial public offering. I would also like to thank the teams who have enabled us to reach, in just five years, a robust development stage that is attractive not only for investors, but also for all renewable energy professionals, from clients to partners and new staff. We will now be embarking together on a new stage in our development with a view to ramping up, in
Offer results
A total of 3,165,468 shares (excluding extension clause and over-allotment option) were offered for subscription.
Total demand came to 6,902,858 securities, representing 2.2 times the initial offer, with 5,424,890 securities for the Global Placement and 1,477,968 securities for the Open Price Offer.
Faced with this strong demand, during its meeting today, Entech’s Board of Directors set the definitive price per share at €6.95, i.e. the mid-point from the indicative price range, and acknowledged that the Extension Clause was exercised in full for 474,820 shares, with a maximum of 3,640,288 new shares issued.
Based on the price of €6.95 per share, demand represented €37.7m for institutional investors and €10.3m for individuals. The Board of Directors decided to allocate 84.4% of the Offer to the global placement and 15.6% to the OPO, with:
- 3,532,331 shares allocated to the Global Placement;
- 654,000 shares allocated to the Open Price Offer. The A1 orders (from 1 share to 250 shares inclusive) will be fulfilled for 80%, while the A2 orders (above 250 shares) will be set at 0%.
In connection with the Over-allotment Option which may be exercised through to
The gross proceeds from the issue of the New Shares represent approximately €25.3m, while the net proceeds are estimated at around €23.4m.
Following this operation, the Company’s market capitalisation will represent €100.7m based on the initial public offering price3. The potential exercising of the over-allotment option will not have any impact on the market capitalisation as this exclusively concerns sales of existing shares.
The settlement-delivery of the 4,186,331 shares included in the offer (new shares and shares sold) will take place on
There are plans to set up a liquidity agreement at the end of the stabilisation period. When this is put in place, it will be announced to the market, in accordance with legal and regulatory requirements.
Use of proceeds
The net proceeds of the issue will give
- Accelerate its commercial deployment and further strengthening its training programmes, thanks in particular to the recruitment of 30 sales staff and the opening of new offices in
France and around the world; - Consolidate its technological lead through an active R&D policy, focused in particular on developing software tools and industrialising products, notably linked to green hydrogen and electric mobility;
- Ramp up co-development projects across the board, with regional institutional organisations and private developers-operators, in order to position itself upstream on projects and increase the recurrence of its revenues;
- Early redemption of the OCA 2 (€0.5m subscribed in
November 2018 by UNEXO and FORCE 29).
Change in the capital structure
The change in the capital presented below includes the creation of new shares and the shares sold in connection with the offer, as well as the conversion of the OCA 1 bonds (creation of 410,400 new shares) by UNEXO and FORCE 29 and the OCA 2021 bonds (creation of 431,655 new shares) by Epopée Gestion.
pre IPO | post IPO Offer 100% subscribed + Extension clause + Over-allotment option + exercise of convertible bonds OCA 1 and OCA 2021 | |||||||
Shareholders | | Number of shares and voting rights | % of capital and voting rights | Number of shares | % of capital | Number of voting rights | % of voting rights | |
SAS ENJOY | 7,056,000 | 70.49% | 6,802,009 | 46.93% | 13,604,019 | 56.42% | ||
SAS MEFASUDE | 2,544,000 | 25.41% | 2,406,421 | 16.60% | 4,812,842 | 19.96% | ||
UNEXO | 273,600 | 2.73% | 468,199 | 3.23% | 741,799 | 3.08% | ||
FORCE 29 | 136,800 | 1.37% | 198,128 | 1.37% | 334,928 | 1.39% | ||
EPOPEE GESTION | 0 | 0.00% | 431,655 | 2.98% | 431,655 | 1.79% | ||
PUBLIC | 0 | 0.00% | 4,186,331 | 28.89% | 4,186,331 | 17.36% | ||
TOTAL | 10,010,400 | 100% | 14,492,743 | 100% | 24,111,573 | 100% |
The following investors, namely
Commitments to abstain and retain shares
Company’s commitment to abstain: 180 days following the settlement-delivery date of the new shares.
Commitment to retain shares for the founders-managers (i.e. SAS ENJOY and SAS MEFASUDE) and the financial shareholders (i.e. FORCE 29 and UNEXO) subject to certain customary exceptions and the Shares sold upon exercise of the Over-Allotment Option: 365 days following the settlement-delivery date of the new shares.
Share information
ISIN code : FR0014004362
Mnemonic code: ALESE
Market: Euronext Growth Paris
Access to the prospectus
The Prospectus approved by the AMF on
Find all the information on the ENTECH IPO project on https://www.ipo.entech-se.com
Listing sponsor | Joint Lead Manager and Bookrunner | Legal advice | Financial communication |
About
Faced with the technological challenges posed by the strong growth of new energies within the energy mix,
Builder of the new energies,
Selected in 2021 by “La French Tech” in its Green20 programme and recognised by numerous awards for its capacity to innovate in supporting the energy transition,
Media contact: Calyptus
entech@calyptus.net
+33 (0)1 53 65 37 90 / 37 91
Disclaimer
This press release and the information that it contains do not constitute an offer to subscribe for or sell, or a solicitation for an order to subscribe for or purchase the Company’s shares in any country.
No communication or information concerning this press release or concerning the Company may be published in any country or region requiring registration or approval. No action has been (or will be) undertaken in any jurisdiction outside of
In certain countries, the distribution of this press release may be subject to specific regulations. Consequently, persons in such jurisdictions where the press release is released, published or distributed must inform themselves about and comply with such legislation and regulations.
This press release constitutes an advertisement communication and not a prospectus as defined by Regulation (EU) 2017/1129 of the
This press release does not constitute and should not be construed as a public offering, an offer to purchase or subscribe or a public solicitation with a view to a public offering.
This press release does not constitute an offer to sell securities or a solicitation for an offer to purchase or subscribe for securities in
With respect to the member states of the European Economic Area that apply the Prospectus Regulation, no action has been undertaken or will be undertaken to permit a public offering of the securities subject to this press release that would require the Company to publish a prospectus in any Member State other than
In the case of the
The information contained in this press release does not constitute an offer of securities in
1 After taking into account the conversion of the OCA 1 bonds subscribed for by Unexo and Force 29 and the OCA 2021 bonds subscribed for by Epopée Gestion.
2 The Company will not receive any proceeds from the sale of the Shares Sold.
3 After taking into account the conversion of the OCA 1 bonds subscribed for by Unexo and Force 29 and the OCA 2021 bonds subscribed for by Epopée Gestion.
Attachment
- 210929_Entech_ResultatIPO_EN
© OMX, source