Rooftop solar firm Esdec eyes US public market - report

Esdec Solar Group, a Dutch maker of rooftop solar racking and mounting systems, is getting ready for an initial public offering (IPO) in the US that could value its business at over USD 5 billion (EUR 4.54bn), Bloomberg reported, citing sources in the know.

The Deventer-based company, which is backed by US investment giant Blackstone and European private equity firm Rivean Capital, has already hired JPMorgan Chase & Co (NYSE:JPM) and Morgan Stanley (NYSE:MS) as lead bookrunners for the potential transaction and is looking to add more underwriters.

While the preparations for the stock market listing have already been started, no final decision has been made yet on the size and timing of the contemplated transaction, the insiders cited by the media have cautioned.

Esdec, which was established in 2004, has so far done work on more than 7.5 GW of solar on residential, commercial and industrial roofs. The business is active in Europe, North America and Asia and is associated with annual revenue of more than USD 700 million, according to the company’s website.

In January, Esdec boosted its business through the acquisition of Sunfer Energy, a Valencia, Spain-based developer and manufacturer of residential rooftop solar mounting systems.

As for Esdec's shareholder base, Blackstone joined as an investor in December 2022 after completing a deal for a significant strategic investment in the Dutch firm. The shareholding was acquired from Rivean which at the time reinvested to remain as a backer.

(USD 1 = EUR 0.909)

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