Shearman And Sterling

News October 25, 2018

Initial Public Offering of Neoen

Shearman & Sterling advised Celeste Management SA (“Celeste”), an investment company under Swiss law, in connection with the initial public offering of Neoen. Celeste has acquired 2.8 million shares of Neoen, representing a subscription amount of €46.2 million (3.3% of its capital).

The offering is currently valued at €628 million, making it the largest capital raise on Euronext Paris in the last 16 months. The offering may ultimately amount to as much as approximately €697 million in the event that the over-allotment option is fully exercised. The settlement and delivery took place on October 18, 2018. The over-allotment option will be exercisable from October 16, 2018 to November 15, 2018.

The offering price for both the French public offering and the international offering has been set at €16.50 per share. As a result, and based on this offering price, the market capitalization of Neoen will be approximately €1.4 billion following completion of the offering.

Founded in 2008, Neoen is France’s and one of the world’s leading independent producers of renewable energy. With a current capacity of almost 2 GW already in operation or under construction, and a further 1 GW of projects formally awarded and secured, Neoen has doubled its size in just over 24 months. The contemplated capital raise of approximately €450 million is intended to enable Neoen to execute its investment plans and reach total capacity in operation and under construction of at least 5 GW by the end of 2021.