Ignitis Group starts trading as it targets renewables development
- Energy and renewables designer Ignitis Group has marked its first day of trading on 2 different stock market, as it bids to target international renewables markets.
The Lithuanian, state-owned energy firm saw its very first day of trading on both the Main Trading List of Nasdaq Vilnius and the Main Market of the London Stock Exchange today, ending a going public (IPO) process introduced previously this year.
The company increased EUR450 million in gross profits-- somewhat less than the EUR470 - EUR585 million array prepared for-- which its investment syllabus said would certainly be made use of to promote development in both its networks as well as eco-friendly generation sections, in addition to for general company functions.
Ignitis has placed the inceptive however quickly-growing Polish solar market firmly in its crosshairs, getting a 170MW profile of projects from programmer Sun Investment Group last month.
The offer price was set at EUR22.5 per share, but shares in the business slipped below that in early trading and also stood at EUR21.44 at the time of creating.
Darius Maikštėnas, CEO at Ignitis, said today marked a "pivotal moment" for the firm.
"Together with our new individual and also institutional investors in the Baltics as well as worldwide, we will start our journey as a provided company, bolstering our long-term environment-friendly energy technique.
"Today's milestone mirrors our passion and dedication to delivering a greener as well as cleaner future for everybody," he claimed.
