Alteo moves to enter Budapest bourse


Hungarian energy firm Alteo has launched an initial public offering (IPO) of its shares, with the transaction due by October 17 at the latest, Alteo Group CEO Attila Chikán announced today according to reports.

At a maximum price per Alteo share of HUF 4,900 and at a face value of HUF 100, the company is planning to sell a total of 300,000 shares in a public offering to private investors, while institutional investors can participate in a private listing, Hungarian news agency MTI reported today. 

Through the listings, Alteo foresees raising HUF 3 billion, according to Domonkos Kovács, lead manager of the groupʼs M&A transactions and capital market activities. Alteo identified HUF 38 bln of investment opportunities between 2017 and 2019 and plans to implement 30% of this from this program, Kovács was reported as saying by MTI.

The transaction is lead-managed by UniCredit Bank Hungary, with Erste Investment as co-lead manager, MTI reported, adding that majority owner Wallis Asset Management plans to keep its 51% majority holding and will only sell shares in the event of over-subscription. The total amount on offer at public and private listings is projected at a maximum of 900,000 shares.

Out of the 22 facilities Alteo operates in the country, half are based on renewable energy, Chikán said. The Alteo group had revenue of HUF 6.78 bln in the first half of 2016, up 68% from a year earlier as EBITDA rose 201% to HUF 1.645 bln, MTI reported.

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