Enlight Renewable Energy, which operates wind and solar energy projects in Israel, Europe, and the US, announced terms for its IPO on Monday.
The Rosh Ha'ayin, Israel-based company plans to raise $293 million by offering 14 million shares at $20.96, the as-converted February 2 close of its shares on the Tel Aviv Stock Exchange (ENLT). New investor BNP Paribas intends to purchase $25 million worth of shares in the offering (9% of the deal). At the proposed price, Enlight Renewable Energy would command a fully diluted market value of $2.5 billion.
Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects, primarily generating revenue from the sale of electricity produced by its renewable energy facilities. The company operates in 11 countries on three different continents, and its global platform includes what it believes are some of the largest onshore wind and solar projects across the US, Western and Central & Eastern Europe, and Israel. As of November 22, 2022, Enlight's global portfolio included approximately 17.0 GW of multi-technology generation capacity and approximately 15.3 GWh of energy storage capacity.
Enlight Renewable Energy was founded in 2008 and booked $166 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol ENLT. J.P. Morgan, BofA Securities, Barclays, Credit Suisse, Nomura Securities, WR Securities, and HSBC are the joint bookrunners on the deal. It is expected to price during the week of February 6, 2023.
