- ISIN: DE000A2YPH73
- Land: Deutschland
Nachricht vom 22.11.2019 | 15:53
SUMMIQ AG: IPO offer period commences on 25 November
DGAP-News: SUMMIQ AG
/ Key word(s): IPO
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SUMMIQ AG: IPO offer period commences on 25 November
Munich, 22 November 2019 - SUMMIQ AG (the "Company" or "SUMMIQ") published the securities prospectus for its IPO today, with the offer period commencing on 25 November 2019. The offering will be comprised of 7.5 million to 10 million newly issued, registered shares with no par value, from a capital increase, aiming for total gross proceeds of between EUR 75 million and EUR 100 million. At the same time an additional listing of 50,000 existing shares from current shareholder Green City AG ("Green City") is planned. Following the IPO, Green City is expected to hold less than 1 % of the Company's post-IPO share capital. The period during which investors may submit purchase orders will commence on 25 November 2019 and is expected to end on 5 December 2019.
Dr Torsten Amelung, CEO of SUMMIQ, explains: "SUMMIQ is a fast-growing independent European green power producer, covering the full value chain from the acquisition of energy projects to the marketing of the energy produced. This business model offers both steady long-term revenues and at the same time generates possible upsides by selling electricity on the free market at increasing prices due to growing demand. In our view, the improvements of cost in solar and wind power generation offers a unique market opportunity to a player like us acquiring a portfolio of new, efficient renewable energy projects therefore benefiting from lower generation costs."
The company will use the net proceeds from the offering primarily to acquire renewable energy projects. Purchase contracts have been signed for three initial projects, which are already operational and will be transferred conditional, inter alia, on a successful IPO. A further nine projects from an already secured project pipeline are expected to be acquired within the year 2020. Together, these projects represent a total generation capacity of 190 megawatts ("MW") of onshore wind and photovoltaic projects. The projects are located in the four core markets Germany, Italy, France and Spain. SUMMIQ is expecting to acquire further renewable energy projects from additional phases of the secured pipeline, and is planning to reach a total generation capacity in its portfolio of about 1 GW within five years.
The company will acquire, finance and operate onshore wind and solar projects with capacities mainly between 5 and 50 MW in the core countries Germany, Italy, Spain and France. In the Company's view, these medium-sized projects have the advantage of a diversified portfolio generating renewable energy from different sources and permitting comparably low generation costs estimated at approximately 0.05 EUR/kWh on average for the entire portfolio. SUMMIQ is building up its portfolio of renewable energy projects following a clear investment policy and without having to take material project development risks. SUMMIQ offers investors an opportunity to participate financially in the European energy transition. The Company acquires only renewable energy projects that are already in operation or renewable energy projects for which the use of land and all material public permits required for the construction and operation of the projects have been obtained or are imminent to be granted ("Ready-to-Build"). SUMMIQ is planning to invest at least 80 % of its portfolio in onshore wind and photovoltaic power generation projects, with up to 20 % being in invested in other types of renewable energy (e.g. hydro) or new technologies (e.g. storage). SUMMIQ intends to invest in projects to achieve an internal rate of return ("IRR") on portfolio level of between 6% - 8% p.a. after leveraging.
SUMMIQ intends to list the shares on the m:access segment of the Munich Stock Exchange under the German securities code (WKN) A2YPH7, the international securities identification number (ISIN) DE000A2YPH73 and the trading symbol S7Q. 11 December 2019 is expected to be the first day of trading. A lock-up agreement of 36 months will be concluded for the existing shareholder Green City AG and for the members of the management board of SUMMIQ AG.
M.M.Warburg & CO (AG & Co.) KGaA is acting as sole Global Coordinator and sole Bookrunner.
Further information about SUMMIQ is available at www.summiq.com. The securities prospectus is also available on SUMMIQ's website.
SUMMIQ is establishing a growing portfolio of wind and solar power projects in Europe. The aim is to build up a digitally managed gigawatt portfolio in order to be able to profitably market electricity from renewable energies in the future and provide it in line with demand. SUMMIQ pursues a strategic cooperation approach with Green City AG, a German developer of renewable energy projects. This cooperation enables SUMMIQ to invest in an existing project pipeline with an output of several hundred megawatts by 2021.
SUMMIQ focuses on the development and operation of a portfolio of wind and solar power projects balanced according to regions and technologies as well as electricity storage facilities in the European core markets of Germany, France, Italy and Spain in the medium term. SUMMIQ aims to become an independent, integrated and strongly growing European electricity producer with long-term predictable cash flows and a product with increasing demand: renewable energy.
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|End of News||DGAP News Service|
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