4th Mar 2021 17:38
(Alliance News) - NextEnergy Renewables Ltd on Thursday delayed its London stock market listing, as "a number of" institutional investors need more time to finish due diligence.
The company, an investment firm focused on private renewables and energy transition infrastructure, set out plans for a London float in February. It was seeking to raise GBP300 million via an initial placing, offer for subscription and intermediaries offer, with flexibility to raise up to GBP500 million.
Shares were expected to begin trading on March 10.
"The company continues to be encouraged by the response to the proposition from a broad range of institutional investors, private wealth managers and the retail market. However, a number of institutional investors require more time to complete due diligence," NextEnergy Renewables said.
"In light of this, the board believes it is in investors' interests to delay the IPO to ensure that the largest number of investors possible can participate."
The company will be managed by NextEnergy Capital IM Ltd, which has about USD2.3 billion in renewable energy focused assets under management.
NextEnergy Capital also manages London-listed NextEnergy Solar Fund Ltd, which listed in April 2014.
By Eric Cunha; [email protected]
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