Dutch EV charging IPO kicks into gear

Dutch company Fastned, which is building out a network of fast electric vehicle (EV) charging stations across Europe, has set the ball rolling on a public listing in Amsterdam.

The group is looking to raise up to €30 million (£26.7m US$33.9m) from the IPO, which got underway last week [13 June] and closes on Thursday [20 June].

It will be hoping to ride the current wave of investor appetite in the EV charging sector, which is attracting an increasingly diverse range of players – from automakers and oil majors to energy utilities and financial investors.

The IPO is targeting retail and institutional investors from the Netherlands and internationally, with ING Bank acting as global co-ordinator and bookrunner.

On offer are 3 million depositary receipts – certificates that represent equity in a foreign company – which will be sold at €10 each. The IPO is aiming to raise gross proceeds of roughly €27.3 million (£24.3m US$30.8m), or €30 million (£26.7m US$33.9m) if the over-allotment option is exercised in full.

Fastned intends to use the proceeds to further expand its fast charging network in Europe, which last week grew to 101 stations in the Netherlands, Germany and the UK with the opening of two more sites along the Dutch A15 highway.

The company anticipates adding an average of 3-6 new locations per month, and has plans to expand into Belgium, France and Switzerland, where it recently won a tender for 20 charging sites.

Most of Fastned’s early chargers were 50kW devices, but since 2018 it has been adding 175kW chargers that are both backward and forward compatible to an upper limit of 350kW.

Part of the company’s expansion plan includes adding new and faster chargers to existing sites, while also investing heavily in scouting new locations along highways, in urban areas and at retail sites.

Indeed, CEO Michiel Langezaal, who co-founded Fastned in 2012 with Bart Lubbers, said the company’s business case was supported by solid market fundamentals and prospects for growth.

“The car industry is investing billions of euros in the development and mass production of full electric vehicles, and we expect a strong increase in demand for fast charging in the coming years,” he said.

“This is why significant investments in fast charging infrastructure are so important.”

The company has previously funded the rollout of its charging network via the bond market, most recently raising €10 million (£8.9m US$11.3m) via an issuance that was completed in March [2019].

The IPO results are due to be announced on Thursday [20 June], with first trading to begin a day later.

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