Neoen targets $1.66 billion in IPO

French independent power producer Neoen is targeting a market capitalization of €1.4 to 1.5 billion ($1.6 to 1.7 billion) in an initial public offering (IPO). The offering and the admission of the company’s shares to trading on Euronext Paris is intended to enable Neoen »to finance the pursuit of its growth through the construction and operation of new renewable energy generation facilities« and to fund its international expansion. According to news agency »Reuters«, the IPO will make Neoen »one of the few pure-play listed renewable energy operators in Europe, along with Portugal’s EDPR, Denmark’s Orsted, Norway’s Scatec Solar and France’s Voltalia.« Indicative price range for the offering is between €16 and €19 per share.
The French public offering is expected to close on October 15, the international offering is expected to close on October 16.

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