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Major success for ENTECH’s initial public offering on Euronext Growth in Paris
Entech raises €25.3m following the exercising of the extension clause to accelerate its commercial development, consolidate its technological lead and position itself upstream from the value chain through co-development projects
Operation potentially rising to a maximum of €29.1m, if the Over-allotment Option is exercised in full, with existing shares to be sold by the Company’s current shareholders
Offering 2.2 times oversubscribed, with €48m of demand
Price per share set at €6.95, in the middle of the price range
Market capitalisation: €100.7m1
Settlement-delivery on 1 October, with trading to start on Euronext Growth® Paris on 4 October 2021
Quimper, 29 September 2021 – Entech (FR0014004362 - ALESE), the technology company specialised in smart renewable energy storage and management, is announcing that its initial public offering on the Euronext Growth market in Paris was a major success.
“I would like to thank all of our many investors, both professionals and individuals, for expressing their confidence in our Company’s potential by investing in our initial public offering. I would also like to thank the teams who have enabled us to reach, in just five years, a robust development stage that is attractive not only for investors, but also for all renewable energy professionals, from clients to partners and new staff. We will now be embarking together on a new stage in our development with a view to ramping up, in France and around the world, our contribution to the energy transition”, confirms Christopher Franquet, Entech’s Chairman, CEO and co-founder.
A total of 3,165,468 shares (excluding extension clause and over-allotment option) were offered for subscription.
Total demand came to 6,902,858 securities, representing 2.2 times the initial offer, with 5,424,890 securities for the Global Placement and 1,477,968 securities for the Open Price Offer.
Faced with this strong demand, during its meeting today, Entech’s Board of Directors set the definitive price per share at €6.95, i.e. the mid-point from the indicative price range, and acknowledged that the Extension Clause was exercised in full for 474,820 shares, with a maximum of 3,640,288 new shares issued.
Based on the price of €6.95 per share, demand represented €37.7m for institutional investors and €10.3m for individuals. The Board of Directors decided to allocate 84.4% of the Offer to the global placement and 15.6% to the OPO, with:
3,532,331 shares allocated to the Global Placement;
654,000 shares allocated to the Open Price Offer. The A1 orders (from 1 share to 250 shares inclusive) will be fulfilled for 80%, while the A2 orders (above 250 shares) will be set at 0%.
In connection with the Over-allotment Option which may be exercised through to 28 October 2021 (inclusive), the Company’s current shareholders have granted Portzamparc Groupe BNP Paribas, acting in the name of and on behalf of the lead managers and associate bookrunners, a loan commitment and sales mandate for up to 546,043 of the Company’s existing shares, representing a maximum of approximately €3.8m2.
The gross proceeds from the issue of the New Shares represent approximately €25.3m, while the net proceeds are estimated at around €23.4m.
Following this operation, the Company’s market capitalisation will represent €100.7m based on the initial public offering price3. The potential exercising of the over-allotment option will not have any impact on the market capitalisation as this exclusively concerns sales of existing shares.
The settlement-delivery of the 4,186,331 shares included in the offer (new shares and shares sold) will take place on 1 October 2021, and the Company’s shares will be admitted to trading on the Euronext Growth Paris® market from 4 October 2021.
ENTECH shares can be included in SME share savings plans (PEA-PME). PEA-PME plans have the same tax benefits as standard share savings plans (PEA) and are subject to the same operating rules.
There are plans to set up a liquidity agreement at the end of the stabilisation period. When this is put in place, it will be announced to the market, in accordance with legal and regulatory requirements.
Use of proceeds
The net proceeds of the issue will give Entech new means to:
Accelerate its commercial deployment and further strengthening its training programmes, thanks in particular to the recruitment of 30 sales staff and the opening of new offices in France and around the world;
Consolidate its technological lead through an active R&D policy, focused in particular on developing software tools and industrialising products, notably linked to green hydrogen and electric mobility;
Ramp up co-development projects across the board, with regional institutional organisations and private developers-operators, in order to position itself upstream on projects and increase the recurrence of its revenues;
Early redemption of the OCA 2 (€0.5m subscribed in November 2018 by UNEXO and FORCE 29).
Change in the capital structure
The change in the capital presented below includes the creation of new shares and the shares sold in connection with the offer, as well as the conversion of the OCA 1 bonds (creation of 410,400 new shares) by UNEXO and FORCE 29 and the OCA 2021 bonds (creation of 431,655 new shares) by Epopée Gestion.
Number of shares and voting rights
% of capital and voting rights
Number of shares
% of capital
Number of voting rights
% of voting rights
The following investors, namely Mirova, Eiffel Investment Group, Vatel Capital, IMHOTEL and INOCAP Gestion have subscribed to the Offer up to their subscription commitment.
Commitments to abstain and retain shares
Company’s commitment to abstain: 180 days following the settlement-delivery date of the new shares.
Commitment to retain shares for the founders-managers (i.e. SAS ENJOY and SAS MEFASUDE) and the financial shareholders (i.e. FORCE 29 and UNEXO) subject to certain customary exceptions and the Shares sold upon exercise of the Over-Allotment Option: 365 days following the settlement-delivery date of the new shares.
ISIN code : FR0014004362
Mnemonic code: ALESE
Market: Euronext Growth Paris
Access to the prospectus
The Prospectus approved by the AMF on 13 September 2021 under number 21-395 is available on the Company’s website (ipo.entech-se.com) and the AMF site (amf-france.org). It is also freely available on request from the Company’s registered office: ZA Menez Prat, 11 allée Jean-François de la Pérouse, 29000 Quimper, France. Approval of the prospectus should not be taken as a favourable opinion on the securities offered.
Find all the information on the ENTECH IPO project on https://www.ipo.entech-se.com
Joint Lead Manager and Bookrunner
Faced with the technological challenges posed by the strong growth of new energies within the energy mix, Entech enables the massive integration of renewable energies and access to energy thanks to storage and electrical conversion solutions controlled by intelligent software systems.
Builder of the new energies, Entech develops, builds and operates production plants and storage systems - batteries or hydrogen – on-grid or off-grid. Founded in Quimper in 2016, Entech has already completed more than 230 projects worldwide and currently employs 68 people.
Selected in 2021 by “La French Tech” in its Green20 programme and recognised by numerous awards for its capacity to innovate in supporting the energy transition, Entech is committed to acting on a daily basis as a responsible company, not only from an environmental point of view but also from a social and societal one. For more information: https://entech-se.com/
Media contact: Calyptus
Gregory Bosson / Mathieu Calleux
+33 (0)1 53 65 37 90 / 37 91
This press release and the information that it contains do not constitute an offer to subscribe for or sell, or a solicitation for an order to subscribe for or purchase the Company’s shares in any country.
No communication or information concerning this press release or concerning the Company may be published in any country or region requiring registration or approval. No action has been (or will be) undertaken in any jurisdiction outside of France where such steps would be required.
In certain countries, the distribution of this press release may be subject to specific regulations. Consequently, persons in such jurisdictions where the press release is released, published or distributed must inform themselves about and comply with such legislation and regulations.
This press release constitutes an advertisement communication and not a prospectus as defined by Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the “Prospectus Regulation”).
This press release does not constitute and should not be construed as a public offering, an offer to purchase or subscribe or a public solicitation with a view to a public offering.
This press release does not constitute an offer to sell securities or a solicitation for an offer to purchase or subscribe for securities in the United States of America. The Company’s shares or any other securities cannot be offered or sold in the United States of America unless they are registered in accordance with the U.S. Securities Act of 1933 (amended), or exempt from registration. The Company’s shares will be offered or sold exclusively outside of the United States of America and through offshore transactions, in accordance with Regulation S of the Securities Act. The Company does not intend to register all or part of the offering in the United States or to conduct a public offering in the United States.
With respect to the member states of the European Economic Area that apply the Prospectus Regulation, no action has been undertaken or will be undertaken to permit a public offering of the securities subject to this press release that would require the Company to publish a prospectus in any Member State other than France. As a result, the Company’s shares may not and will not be offered in any Member State other than France, except in accordance with the exemptions set by the Prospectus Regulation, or under any other circumstances which do not require the Company to publish a prospectus as defined by the Prospectus Regulation and/or the regulations applicable in said Member State.
In the case of the United Kingdom, the press release is intended exclusively for persons who (i) are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as currently in force, hereafter the “Financial Promotion Order”), (ii) are covered by Article 49(2) (a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial Promotion Order, or (iii) have been invited or induced to engage in investment activity (within the meaning of Section 21 of the Financial Promotion Order) for the issue or sale of any securities that may be legally communicated, directly or indirectly (with all of these persons referred to collectively as “Authorised Persons”). This press release is intended exclusively for Authorised Persons and cannot be used by anyone other than an Authorised Person.
The information contained in this press release does not constitute an offer of securities in Canada, Australia or Japan. This press release is not intended to be published, released or distributed, directly or indirectly, in Canada, Australia or Japan.
1 After taking into account the conversion of the OCA 1 bonds subscribed for by Unexo and Force 29 and the OCA 2021 bonds subscribed for by Epopée Gestion.
2 The Company will not receive any proceeds from the sale of the Shares Sold.
3 After taking into account the conversion of the OCA 1 bonds subscribed for by Unexo and Force 29 and the OCA 2021 bonds subscribed for by Epopée Gestion.