Eni will quote Plenitude on Euronext Milan. The company of the Six-legged Dog has announced its intention to proceed with the IPO of the shares of Eni Plenitude SpA Società Benefit for the listing of the Company’s shares on the Euronext Milan regulated market, organized and managed by Borsa Italiana SpA.
The IPO, a note reads, will consist of an offer to the general public in Italy and a private placement reserved for qualified investors in Italy and the European Economic Area and foreign institutional investors. The free float required for the purposes of the listing will be realized through the sale of shares by Eni. The transaction will make it possible to attract new capital flows for Eni, maximizing the market value of Plenitude and of the stake held by Eni and freeing up new resources to be allocated in its energy transition path.
The transaction is consistent with the distinctive strategic approach developed by Eni, which includes the creation of new business models dedicated to its customers, with the ability to access capital markets independently. Eni will continue to hold a majority stake in the Company, maintaining its consolidation. Following the completion of the IPO, Plenitude will continue to benefit from Eni’s support, including Eni’s R&D activities, its HSE culture, its project management capabilities and solid financial position. “Plenitude will help millions of customers across Europe make the switch to sustainable energy. The sale of part of the business to the market will release significant value and accelerate its growth, helping Eni to cut the Scope 3 emissions currently generated by its customers – a fundamental step in reaching our net zero target. We will continue to invest in innovation to accelerate the energy transition and ensure that our new businesses have the operational and financing models needed to grow rapidly, ”says CEO Claudio Descalzi.
Plenitude: what it is and what it does
Plenitude supplies gas and energy to around 10 million customers, has a portfolio of around 1.4 GW of installed and operational renewable energy generation capacity and aims to reach over 6 GW installed by 2025 and over 15 GW to 2030. In the electric mobility sector, in March 2022 it has a network of approximately 7,300 charging points, which plans to expand to approximately 30,000 charging points planned by 2025 and to over 35,000 by 2030.
Plenitude was born in 2017 from the corporateization process of Eni’s retail gas & power activities. Today the Company has over 2,000 employees and operates within the entire electricity value chain with a unique business model, which combines the generation of electricity from renewable sources, the sale of energy and energy services to retail customers, and a capillary network of charging points for electric vehicles.
Plenitude is a Benefit Company, which aims to have a positive impact on people, communities and the environment, and is part of Eni’s broader commitment to create value through the energy transition and to achieve carbon neutrality. CO2 Scope 1, 2 and 3 by 2040.