Wallbox has just announced its IPO. The start-up Barcelona, specialized in the manufacture of chargers for electric vehicles, will start trading on the New York Stock Exchange under the ticker “WBX”.
According to a statement, the company has closed a business combination agreement with Kensington Capital Acquisition Corp. II, a special purpose purchase investment vehicle (SPAC), which will allow the two to list jointly.
Deadlines
The operation will close in the third quarter of 2021
With this formula, the company expects to raise 330 million dollars, about 270 million euros. This total includes $ 100 million from a private investment underwritten by Janus Henderson Investor, Luxor Capital, Cathay and Kensington himself.
The operation gives Wallbox an implicit pro forma valuation (not counting the capital that has just been raised) of 1,500 million dollars, about 1,200 million euros. According to the statement, it is expected to close in the third quarter of 2021. It is subject to approval by Kensington shareholders and has already been approved by the board of directors of both companies.
Wallbox is dedicated to the production of electric vehicle chargers for companies and individuals. The company does not share billing figures. According to the Commercial Registry, the firm had a turnover of 8.8 million in 2019 and the company assures that the figure “almost tripled in 2020.” It is a growth rate that it hopes to maintain in 2021. To face the expansion, it plans to double the workforce and go from 400 to 800 employees this year. In early 2021, raised 33 million euros in an investment round led by Cathay Innovation and Wind Ventures. This year, it also plans to open its second factory in Catalonia.
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