Eni breaks the delay and announces its intention to proceed within weeks with the initial public offering of the shares of Eni Plenitude for the listing of the company’s shares on the Euronext Milan regulated market, organized and managed by Borsa Italiana. At the end of 2021, on the occasion of the presentation of Eni’s industrial plan, a company value of 8-10 billion was assumed, with the option of listing 20-30%.
Offer for retail and institutional
The ipo will consist of an offer to the general public in Italy and a private placement reserved for qualified investors in Italy and the European Economic Area and foreign institutional investors outside the United States of America and in the United States of America. , limited to Qualified institutional buyers. It is envisaged that the free float required for the purposes of the listing will be realized through the sale of shares by Eni.
The transaction will make it possible to attract new capital flows for Eni, maximizing the market value of Plenitude and of the stake held by Eni and freeing up new resources to be allocated in its energy transition path. The transaction is consistent with the distinctive strategic approach developed by Eni, reads a note, which includes the creation of new business models dedicated to its customers, with the ability to access capital markets independently. Eni will continue to hold a majority stake in the company, maintaining its consolidation. Following the completion of the IPO, Plenitude will continue to benefit from Eni’s support.
According to Eni CEO Claudio Descalzi, «Plenitude will help millions of customers across Europe to switch to sustainable energy. The sale on the market of a part of the business will release a significant value and accelerate its growth, helping Eni to cut the Scope 3 emissions currently generated by its customers, a fundamental step to reach our net zero target ».
Growth goals
Stefano Goberti, CEO of Plenitude, in turn commented: «We are thrilled to continue along the path to listing on the Italian Stock Exchange. Plenitude is committed to creating value for all stakeholders, through the development of investments in renewables and electric mobility and an integrated and diversified proposal to offer decarbonised energy to all its customers “. «It is – continues Goberti – a unique proposal, the result of our strong conviction that the integration of these activities will provide significant advantages and respond effectively to the emerging needs of the energy market. We have set clear growth goals to expand our portfolio and we work tirelessly towards those goals. We intend to do so while maintaining a solid financial position and investment grade profile. We are a benefit company, we are committed to growing sustainably and achieving the goal of net zero GHG emissions, scope 1, 2 and 3 by 2040 “.
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