Greenko Successful IPO
Greenko Group plc (formerly Greenko SA), the owner and operator of clean energy projects in India, completed a successful Placing of 32,144,011 Ordinary Shares by Arden Partners plc and its admission to trading on AIM on November 7th, 2007 under the ticker GKO.
The placing raised approximately €45 million before expenses, which will be used to satisfy commitments in existing projects and fund further growth towards 400MW capacity, through acquisition of existing assets, investment in projects which are in the process of construction and the building of new plants.
Details of the admission are given in the table below
| Placing Price | €1.40 | 97.6p |
| Number of new shares being placed on behalf of Greenko | 32,144,011 | |
| Number of shares in issue immediately following the placing and admission | 67,989,237 | |
| Percentage of the enlarged share capital being placed | 47.3% | |
| Expected market capitalisation following the Placing | ~ €95.2 million | ~ £66.4 million |
Greenko, incorporated in January 2006, has established itself as a clean energy group with a number of biomass and hydro projects under its control. The company intends to build the portfolio of clean energy assets to a capacity of approximately 400 MW by the end of financial year 2010-2011. The new projects are likely to take the form of the acquisition of existing assets, assets under construction and the building of new plants on Greenfield sites. Greenko intends to be a consolidator within the sector
Greenko is today a cash generative, profitable Indian clean energy producer with
- Secured assets of 90.5 MW
- An experienced management team
- A clear strategy for growth across biomass, hydro and wind assets
Commenting this announcement, Anil Chalamalasetty, Chief Executive Officer of Greenko Group plc, said:
"Our belief that the Indian renewable energy sector represents an attractive investment proposition has been reflected by the positive response from institutions to the fundraising. Greenko allows investors to participate in the Indian electricity market which is benefiting from a range of incentives and undergoing rapid expansion in order to meet the growing levels of demand from both consumers and industry which India has experienced over the past five years. We look forward to developing Greenko further as a public company."