Premier Energy Group announces its intention to conduct an IPO and float on the Bucharest Stock Exchange

The IPO will consist of a public offering to retail and institutional investors in Romania and an offering to eligible international institutional investors, in accordance with the provisions of the Prospectus. 

Following the approval of the Prospectus by the FSA and the successful closing of the Offering, the Company intends to apply for admission to trading of the shares on the Regulated Market administered by the Bucharest Stock Exchange. 

In connection with the Offering, Premier Energy Group will seek to raise approximately €100 million, resulting from a capital increase with the exclusion of pre-emptive rights, and its main shareholder, EMMA Alpha Holding Ltd, intends to sell existing shares of approximately €25 million. In addition, the Offering will also benefit from a customary over-allotment option provided by EMMA Capital of up to 15% of the Base Deal. The final structure of the Offering will be determined in proximity and communicated prior to its launch. 

The Company will use the proceeds of the Offering to fund future growth, especially in the renewables production segment. 

Following the completion of the IPO, EMMA Capital will continue to hold the majority of shares in Premier Energy Group. 

Lock-up arrangements are expected to be customary for both the Company (360 days) and EMMA Capital (180 days). In addition, there will be a lock-up of two years for the Company’s CEO, Mr Jose Garza, and CFO, Mr Petr Stohr, who intend to subscribe in the Offering. 

The Offering could be completed as early as May 2024, subject to capital market conditions. 

The Shares will be offered and traded, following the Admission, in Romanian leu (“RON”). Detailed information about the Offering will be published following approval of the Prospectus. 

Citigroup, UniCredit Bank GmbH (Milan Branch), and WOOD & Company are acting as Joint Global Coordinators in connection with the Offering. Alpha Bank Romania S.A. and BT Capital Partners S.A. are acting as Joint Bookrunners. STJ Advisors is acting as Financial Adviser to the Company in connection with the Offering. UniCredit S.p.A. is also acting as ESG adviser to the Company in connection with the Offering. 

Jose Garza, Chief Executive Officer of Premier Energy Group, commented:  “While we are proud to be one of the fastest growing privately-owned energy infrastructure companies in Southeast Europe, now is the right time for Premier Energy Group to conduct an IPO and to leverage the exciting opportunities for accelerated development that a public listing on the Bucharest Stock Exchange will deliver. 

“As the largest renewables production manager and aggregator of solar and wind plants in Romania and Moldova, Premier Energy Group is well placed to benefit from the forecasted growth of renewables in the region and to build on our transformational recent acquisition of CEZ Vanzare and our successful track record of accretive acquisitions. And with our vertically integrated and diversified business model allowing us to capture margin throughout the value chain and providing financial stability, we have a very attractive equity story to tell potential investors.” 

The Company has over 1,000 MW of renewable electricity generation under ownership, management or in development in Romania and Moldova along with one of the fastest growing renewable electricity supply businesses in both countries. 

Premier Energy Group is the third largest natural gas distributor and supplier in Romania with over 150,000 consumption points. It is also the largest electricity distributor and the largest supplier in Moldova with almost one million consumption points and more than 840,000 supply clients serving approximately 70% of the Moldovan population. Following the acquisition of the CEZ Vanzare supply business in Romania, Premier Energy Group serves a combined total of approximately 2.4 million electricity and natural gas supply clients in Romania and Moldova (an increase of approximately 1.4 million), the vast majority of which are households and small businesses. 

Premier Energy Group was incorporated at the end of 2012, entered the Romanian gas market in 2013, and entered the Moldovan energy market in 2019. It is currently 100% owned by EMMA Capital.