Romania's Premier Energy prices EUR 140m IPO

Energy infrastructure company Premier Energy PLC announced today that its initial public offering (IPO) in Romania has been priced at RON 19.50 per share, with the transaction raising RON 695.1 million (USD 151.3m/EUR 139.6m) in gross proceeds, including over-allotment.

Premier alone placed just above 25 million new shares in the offering, saying it will use the funds to buy and develop renewable energy assets in Romania and Moldova, for new renewable energy assets development and dividend distribution.

Priced close to the lower end of the marketed price range of RON 19.00 to RON 21.50 per share, the IPO implies a total equity valuation of RON 2.4 billion for Premier.

The company’s owner, EMMA Capital, in turn, sold about 6.25 million existing shares. The Czech investment firm remains a majority shareholder with a stake of 71.25% in the business following the IPO.

Including the overallotment option provided by EMMA, more than 35.9 million new and existing shares were provided for the transaction, representing 28.75% of Premier’s total issued share capital.

Premier, which announced the IPO plan in April, expects its shares to be admitted to trading on the Bucharest Stock Exchange (BSE), under the ticker symbol PE, on May 27. They will be included in the BET index.

Founded in 2012, Premier Energy describes itself as one of the largest renewable energy players in Romania and Moldova where it has over 1,000 MW under ownership, management or development.

Last year, the company reported a 16.8% drop in revenue to about EUR 912 million (USD 987.8m). Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at EUR 127.7 million in 2023, down from about EUR 241.2 million a year earlier.

(RON 1 = USD 0.218/EUR 0.201)

(EUR 1 = USD 1.083)

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