PARIS: France’s Neoen plans an initial public offering by the end of 2018 that could value the renewable energy developer at 1 billion euros ($1.24 billion), a source familiar with the matter said on Wednesday.
The source told Reuters that private equity group Omnes Capital would sell its 24 percent stake in the public offering.
Neoen was founded by the former chief executive of commodities giant Louis Dreyfus, Jacques Veyrat. Veyrat still owns a 56 stake in Neoen through his investment vehicle Impala, which will hang on to its majority stake in the IPO.
The listing is primarily aimed at providing an exit for private equity group Omnes Capital, which has two funds with a combined 24 percent stake in Neoen’s capital, the source said. ($1 = 0.8054 euros)