VC-backed McPhy to float on Euronext

Ellie Pullen
07 March 2014

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McPhy Energy, a French specialist in the storage of solid-form hydrogen backed by several venture capital firms, is to list on the Euronext Paris.

The indicative price range for the IPO has been set at €6.75-8.25 per share. The sale of 2.9 million new shares would mean the company could raise up to €24.2m in its flotation.

An extension clause comprising 440,100 new shares and an overallotment option of 506,115 new shares have been granted.

The offering would give McPhy a market cap of up to €74.7m, at the top end of the price range and including the extension clause and overallotment option. First-day trading is set to take place on 25 March under the ticker symbol "MCPHY".

McPhy is backed by Emertec, Sofinnova Partners, BPI France, Gimv and Amundi Private Equity. The company first received funding in January 2009, securing €1.6m from Areva and Emertec's IV fund.

This was followed in July 2010 with a €13.7m funding round by Gimv, Sofinnova, Amundi and Emertec. A further €10m was then secured in January last year from CDC Enterprises, Gimv, Emertec and Sofinnova.

Founded in 2008, McPhy is headquartered in La Motte-Fanjas with additional offices located in Grenoble, Wildau in Germany and Pisa in Italy. The company recorded turnover of €3m last year, a substantial increase on the €394,000 generated in 2012.

McPhy uses metal hydrides for the storage of hydrogen in its solid form. The company also produces hydrogen from water electrolysis, and offers services for the production and storage of low-pressure hydrogen for the industrial and energy sectors.