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in the United States, Canada, or Japan
McPhy's IPO a resounding success:
the company raised EUR 32 million to accelerate its commercial and industrial development
Worldwide demand of EUR 208 million, offer subscribed 8.6 times
Subscription price: € 8.25 per share (at the top end of the indicated range)
Full exercise of the extension clause and the over-allotment option
Trading begins on 25 March 2014
Following the resounding success of its IPO, McPhy Energy has raised the funds necessary to accelerate its development and seize the opportunities available to its hydrogen-based solutions in the context of worldwide energy transition.
La Motte-Fanjas, March 19th 2014 - McPhy Energy, a company specialized in hydrogen-based solutions for energy storage and industrial applications, today announced the definitive procedures for its Offer, which includes a public offering and an institutional offering, on the occasion of the listing of its shares on Paris Euronext (compartment C, ISIN code: FR0011742329, ticker symbol: MCPHY).
McPhy Energy raised EUR 32 million through this transaction, which will help it implement its strategic development plan:
by accelerating its commercial development in the key regions of North America, Asia, Eastern Europe and Russia, as well as the Middle East and Africa;
by bolstering its infrastructure for the industrial fabrication of hydrogen production and storage equipment;
by intensifying the industrial deployment of its exclusive, solid-state hydrogen storage technology and the development of its product range of electrolysers for the energy, carbon-free vehicle, and industry markets.
The Offer was met with great success by both French and international investors, as well as by individual investors. Global demand was for
EUR 207.3 million, of which EUR 179.8 million for the Institutional Offering and EUR 27.5 million for the Public Offering.
The Management Board set the Offer Price at EUR 8.25 per share, at the top end of the indicated range. It also decided to exercise in full the extension clause and the over-allotment option. The total number of shares amounted to 3,880,215, which has enabled a capital increase of EUR 32 million, including share premiums.
"We are extremely happy about the success of our IPO. We would like to thank individual investors for their trust, as well as historical and new institutional investors who have provided us with the means to accelerate our strategic development plan. McPhy Energy is endowed with a unique solid-state hydrogen storage technology and extensive expertise in manufacturing hydrogen production equipment, and this will play a decisive role in helping the company become a leading actor in worldwide energy transition," said Pascal Mauberger, CEO of McPhy Energy.
Transaction details
Price
The price of the Public Offering and the Institutional Offering is set at € 8.25 per share.
Distribution of the Offer (excluding over-allotment option and extension clause)
Institutional Offering: 3,280,215 shares were allocated to institutional investors, representing approximately € 27M and 85 % of the shares offered
Public Offering: 600,000 shares were allocated to the public, representing approximately € 5M and 15% of the shares offered
As part of the Public Offering the A1 orders will be served up to 66.79%, the A2 orders 0%.
Offer size and transaction proceeds
The company has decided to exercise in full the extension clause to issue 440,100 new shares and took notice of the immediate and full exercise of the over-allotment option for 506,115 additional shares.
Accordingly, the gross proceeds of the Public Offering and the Institutional Offering amounts to approximately € 32M, corresponding to the issue of 3,880,215 new shares, representing 42.8% of the outstanding shares (38.4% on a fully diluted basis).
Timetable
24 March 2014 Shares issued - Settlement and delivery
25 March 2014 Start of trading on Euronext
About McPhy Energy
McPhy Energy, a leading developer of hydrogen-based solutions, was founded at La Motte Fanjas (Drôme) in France in 2008. The company draws on its exclusive technique for storing hydrogen in solid form and its years of experience in producing hydrogen through water electrolysis to design and manufacture flexible storage and production equipment.
McPhy Energy markets easy-to-use, environmental-friendly solutions combining unique safety features and energy independence to over 1,000 clients in the renewable energy, mobility and industry sectors.
The group has three production sites in France, Germany and Italy and an R&D laboratory in France. As a fast expanding company, McPhy Energy counts several top-tier private equity investors (Sofinnova Partners, Bpifrance, Gimv, Amundi, Emertec, Areva) among its shareholders.
Underwriters
Bryan Garnier & Co : Global Coordinator, Lead Manager & Sole Bookrunner
Portzamparc : Co-lead Manager, Placement Syndicate Member
The prospectus approved by the AMF under visa number 14-063, may be obtained free of charge from McPhy and the financial intermediaries, as well as on the websites of McPhy and the AMF. The attention of the public is directed to the "risk factors" section of the prospectus.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. McPhy has not registered, and does not presently intend to register securities or conduct a public offering in the United States.
No copy of this announcement has been or should be distributed or sent to the United States, Canada, Japan or Australia.
This announcement does not contain or constitute an invitation, inducement or solicitation to invest. This press release is directed only at persons (1) who are outside the United Kingdom, (2) who are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order"), or (3) who are high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (1), (2) and (3) above together being referred to as "Relevant Persons"). This announcement is directed only at Relevant Persons and must not be acted or relied upon by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons."
