Utility and renewables developer Ignitis Group has marked its first day of trading on two separate stock exchanges, as it bids to target international renewables markets.
The Lithuanian, state-owned energy company witnessed its first day of trading on both the Main Trading List of Nasdaq Vilnius and the Main Market of the London Stock Exchange today, concluding an initial public offering (IPO) process launched earlier this year.
The company raised €450 million in gross proceeds – slightly lower than the €470 – €585 million range anticipated – which its investment prospectus said would be used to facilitate growth in both its networks and green generation segments, as well as for general corporate purposes.
Ignitis has placed the nascent but quickly-growing Polish solar market firmly in its crosshairs, acquiring a 170MW portfolio of projects from developer Sun Investment Group last month.
The offer price was set at €22.5 per share, but shares in the company slipped below that in early trading and stood at €21.44 at the time of writing.
Darius Maikštėnas, CEO at Ignitis, said today marked a “pivotal moment” for the company.
“Together with our new individual and institutional shareholders in the Baltics and around the world, we will begin our journey as a listed company, bolstering our long-term green energy strategy.
“Today’s milestone reflects our ambition and commitment to delivering a greener and cleaner future for everyone,” he said.