French renewable energy developer Neoen SA priced an initial public offering of 38,073,521 common shares at €16.50 per share for gross proceeds of approximately €628.2 million.
The total capital may go up to €697 million if the overallotment option is exercised in full by Nov. 15. Following the completion of the IPO, Neoen's total market capital will be approximately €1.4 billion.
The company said it will issue €623.8 million worth of 37,804,042 shares, or 99% of the IPO, to international investors. The remaining €4.4 million worth of 269,479 shares will be allocated to the French public offering.
The gross proceeds include approximately €450 million of newly issued shares and approximately €178 million of existing shares sold by FPCI Capenergie II and FPCI Fonds ETI 2020, according to an Oct. 16 news release.
Impala, Neoen's majority shareholder, has subscribed for approximately €169 million of shares and will remain the company's controlling shareholder.
The shares will begin trading on the Euronext Paris market on Oct. 17 on a when-issued basis, followed by settlement and delivery of the shares on Oct. 18.