Eni freezes the Plenitude IPO. “Deteriorated market conditions”

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Eni has decided to freeze the listing of Plenitude, the company branch specializing in renewable energy. The operation that should have taken place in July has been shelved for the moment due to market turbulence. The group led by Claudio Descalzi has announced its intention to postpone the placement on the market through a short note issued to the closed stock exchange in which a new timetable for the IPO is not indicated.

The uncertainty of the market

The press release clarifies the changed market context that suggested the two groups to change the timing of the launch. “Although the two companies have found strong and widespread interest from investors in Plenitude, as well as significant consensus on its strategy, Eni has assessed that the volatility and uncertainty currently affecting the markets require a further phase of monitoring”

Continue with investments in green and emobility

No plan B for now, then. But Eni and Plenitude will continue to monitor the market and develop their strategy of offering decarbonised energy to all its customers, through the development of investments in renewables and electric mobility. Investments aimed at strengthening the position of the company which currently has a portfolio of wind and photovoltaic activities with a total installed capacity of 1.4 gigawatts and a pipeline of green projects of over 10 GW. The company also has a package of 10 million retail customers for gas and electricity in six European countries and approximately 7,300 proprietary installed charging points.

Eni’s position in the operation

Only a few days ago the group announced its intention to proceed with the landing in Piazza Affari of the “arm” that integrates the generation of electricity from renewable sources, the sale of electricity, gas and energy solutions to families and businesses and a network European charging points for electric vehicles, while retaining a majority stake in the company after the IPO.

The technicalities of the offer

According to the plan announced at the beginning of June, the transaction, for which Eni had already filed the prospectus with Consob, should have been based on a public offer and a simultaneous institutional placement reserved for qualified investors and would have aimed to provide a adequate liquidity on the secondary market.

The article is in Italian

Tags: Eni freezes Plenitude IPO Deteriorated market conditions

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