VC-backed McPhy raises €32m in IPO

Ellie Pullen
26 March 2014

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McPhy Energy, a French specialist in the storage of solid-form hydrogen and backed by several venture capital firms, has raised €32m in its IPO on the Euronext Paris.

The company sold 3.88 million shares at €8.25 apiece, the top end of the indicative price range. The offering gave McPhy a market cap of €74.8m.

According to McPhy, global demand for its stock amounted to €208m, meaning the offer was oversubscribed by 8.6x. This comprised €179.8m for the institutional offering and a further €27.5m for the public offering.

The extension clause and overallotment option were both exercised in full, comprising 440,100 additional shares and 506,115 additional shares respectively.

McPhy's stock began trading on the Euronext Paris yesterday (25 March) under the ticker "MCPHY". Shares were priced at €10.4 apiece at market close on the first day of trading, representing a 26% increase on the IPO price. The company's market cap at the time of writing sits at €92m.

Bryan Garnier & Co was appointed global coordinator, lead manager and sole bookrunner for the flotation, while Portzamparc acted as co-lead manager.

Previous funding
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.

Company
Founded in 2008, McPhy is headquartered in La Motte-Fanjas with additional offices located in Grenoble in France, 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.

People
Pascal Mauberger is the CEO of McPhy.