Waga Energy: Waga Energy announces the resounding success of its IPO on the Euronext regulated market in Paris

Waga Energy
Waga Energy: Waga Energy announces the resounding success of its IPO on the Euronext regulated market in Paris

26-Oct-2021 / 18:57 CET/CEST
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The issuer is solely responsible for the content of this announcement.

Waga Energy announces the resounding success of its IPO on the Euronext regulated market in Paris

Meylan (France), 26 October 2021 -6.30pm

• Offer oversubscribed 4 times with total demand of €345m, including:
  
  • €328m requested by institutional investors
  • €17m requested by individual investors
• Total gross transaction amount of €110m, which may be raised to €126m if the over-allotment option is fully exercised, of which:
  
  • €108m through the issuance of new shares, which may be raised to €124m if the over-allotment option is fully exercised
  • €2m through the sale of existing shares
• Offering price: €23.54, representing a market capitalisation of €449m
• Start of trading in shares (in the form of a promise of shares) on the Euronext Paris regulated market on 27 October 2021
• Settlement/delivery of the offered shares on 28 October 2021
• End of stabilisation period on 29 November 2021

Waga Energy, a European specialist in the production of biomethane from landfill gas, announces the success of its IPO with a view to having its shares accepted for trading on the Euronext regulated market in Paris (ISIN code: FR0012532810/ticker: WAGA).

The Offering was a huge success among leading French and international institutional investors and French individual investors. It also benefited from the support of cornerstone investors such as Viva Energy, Vitol, CMA CGM, Hermitage Gestion Privée and Svenska Handelsbanken.

The Board of Directors of Waga Energy, meeting today, set the Offering Price at €23.54 per share, which is the upper end of the indicative price range. Based on the IPO price of €23.54 per share, Waga Energy has a market capitalisation of approximately €449m.

The Offer is made up of (i) the issuance of 4,585,233 new ordinary shares (the "New Shares"), including by offsetting of debt, of which 519,813 new ordinary shares related to the full exercise of the primary extension clause and (ii) the sale of 90,000 existing shares for approximately €2 million, by Mathieu Lefebvre, Nicolas Paget and Guénaël Prince (the "Seller Shareholders"), as part of the full exercise of the secondary extension clause (the "Sold Shares") (together with the New Shares, the "Offered Shares").

If the over-allotment option is exercised in full, a maximum of 687,784 new ordinary shares may be offered. According to the indicative timetable, the deadline for exercising the over-allotment option is set at 29 November 2021.

The total gross proceeds from the issuance of 4,585,233 New Shares will be approximately €107.9m for the Company (of which approximately €11.9m through the offsetting of debt).

The gross proceeds from the 90,000 Sold Shares will amount to approximately €2 million for the Seller Shareholders. The Company will not receive any proceeds from the Sold Shares.

In this context, 4,675,233 Offered Shares will be allocated as follows:

• 4,207,710 shares as part of the Global Placement, i.e. 90% of the total number of Offered Shares, representing approximately €99m. Due to high demand, orders placed under the Global Placement could not be honoured in full and were significantly reduced.
• 467,523 shares as part of the Open Price Offer, i.e. 10% of the total number of Offered Shares, representing approximately €11m. Consequently, A1 orders (from 10 shares up to and including 200 shares) will be served at 94.6% and A2 orders (above 200 shares) will not be served.

Trading of shares on the Euronext Paris market will begin in the form of a promise of shares on 27 October 2021, under ISIN code FR0012532810 and the ticker WAGA. Settlement-delivery of the Offering is scheduled for 28 October 2021.

On the success of this operation, Mathieu Lefebvre, Guénaël Prince and Nicolas Paget, founders of Waga Energy, commented:

"Waga Energy's initial public offering marks the culmination of fifteen years of commitment to help combat climate change. This transaction will help us to speed up the international deployment of a French technological innovation designed to produce high volumes of biomethane at a competitive price, with the aim of replacing fossil fuels as quickly as possible. We are pleased and proud to see that this common sense project is attracting the support of investors, both professional and individual, who wish to see the economy in step with environmental protection. We would like to thank all of the investors who have made a commitment alongside us, and in particular the historic shareholders who have supported us from the beginning, and the strategic investors who have helped make this transaction a success."

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