Forsee Power climbs 5% after pricing IPO at bottom

French electric vehicle (EV) battery systems maker Forsee Power (EPA:FORSE) saw its shares climb 5.5% in its trading debut on Wednesday after it priced its initial public offering (IPO) at EUR 7.25 per share, or at the bottom of the range, raising gross proceeds of about EUR 100 million (USD 116m).

At the current share price, Forsee's valuation stands at EUR 404.4 million, bourse data showed. The company's shares were trading at EUR 7.65 as at 1138 CET.

Forsee Power placed all the intended 13.8 million shares on Tuesday, having originally planned to market them at up to EUR 9.80 apiece.

The proceeds could be increased to EUR 115 million if the upsizing option is exercised.

Current investors Eurazeo, industrial group Marcel Dassault and founder Christophe Gurtner have committed to provide some 2.4 million existing shares to cover a 10% over-allotment.

The French company is developing technology to help electrify off-road vehicles in sectors such as construction, agriculture and heavy industry.

Unconditional trading in Forsee Power's shares will begin on Friday.

(EUR 1 = USD 1.160)

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