ZURICH – Plenitude, the retail and renewable business of Italian energy company Eni, is ready to list on the Milan bourse as soon as market conditions allow it, its Chief Executive Stefano Goberti said on Wednesday.
Eni had to freeze Plenitude’s initial public offering (IPO) in 2022 due to the energy crisis triggered by Russia’s invasion of Ukraine.
After that, Eni engaged in talks with investors and signed a deal last December with Energy Infrastructure Partners (EIP) under which the Swiss fund got 7.6% of the company through a reserved capital increase. The deal does not mean that Plenitude has changed its plans, Plenitude CEO said.
“We are ready for the listing, obviously we have to verify the market conditions… When conditions are good, we will certainly go for the IPO,” Goberti told Reuters on the sidelines of a conference organised by EIP in Zurich.
EIP invested nearly 600 million euros in Plenitude, valuing the low-carbon company at around 10 billion euros including debt. It got one seat out of the seven that make up Plenitude’s board of directors.
“Their contribution has been very positive so far… they know the energy sector and financial market very well,” Goberti said.
To restart the listing process, Plenitude is waiting for less volatility and a more receptive equity market, the Plenitude CEO said, adding there were some initial signs of a return of IPO candidates, but only in specific sectors.
“We have started to see some IPOs around the world and in Europe, but in our sector – related to renewables and energy transition – the sun is still pale, so let’s wait for a slightly warmer sun and then we could certainly launch the listing,” Goberti said.
Plenitude is targeting a base of 11.5 million customers from just over 10 million currently.
Goberti said the company was focusing on growing its client base organically but he did not rule out the possibility to buy a portfolio of customers should a good opportunity arise.
(Reporting by Francesca Landini; Editing by Keith Weir)
