PE-backed Neoen prepares for IPO

Neoen plans to raise around €450m in the IPO. Jacques Veyrat's investment company Impala, which currently owns a 54.4% stake, will invest in the IPO and remain a majority owner, Neoen said in a statement.

According to the company's website, Omnes Capital owns a 22.8 % stake in the business, BPI France holds 13.9%, and management and employees own around 8.9%.

Omnes declined to comment on the filing at this stage. The GP, via its Capénergie fund, and French conglomerate Louis Dreyfus Group injected €20m into Neoen in 2009. Neoen's parent company, Direct Energie, retained a majority stake in the business.

In 2011, Neoen founder Jacques Veyrat bought out Louis Dreyfus's stake in Neoen to become the company's majority shareholder via Impala, a France-based investment company owned by Veyrat.

Subsequently, BPI France invested in Neoen in 2014, joining Omnes and Impala, the latter of which retained a majority stake.

Based in Paris, Neoen generates electricity from renewable energy sources including solar, wind and biomass. Neoen's turnover is expected to stand at around €220-230m in 2018, while its EBITDA is projected to reach the €170-175m mark. The business disclosed in a statement it is aiming to reach a €400m EBITDA by 2021.

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• Omnes Capital
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