(Alliance News) - Octopus Renewables Infrastructure Trust PLC on Friday said it has successfully raised GBP350 million from its initial public offering of 350.0 million shares as 100 pence each.
Of these, 36.6 million will be issued under at placing, 258.6 million under a subscription offer, and 54.8 million under an intermediaries offer. The firm's shares will trade on the London Main Market, and this is expected to start on Tuesday next week.
Octopus Renewables will invest in renewable energy assets in Europe and Australia, consisting of onshore wind farms, solar parks, and "other generation and non-generation renewable energy related assets". All assets will be either in operation already, under construction, or ready for construction.
Octopus AIF Management Ltd will be Octopus Renewables' alternative investment fund manager and has already identified a pipeline allowing the initial net proceeds to be substantially committed within six months of admission.
Philip Austin, chair of Octopus Renewables, said: "We are delighted with the response to our IPO, with demand significantly exceeding our target fundraise. We look forward to welcoming a broad range of investors to our register, including some of the UK's leading institutions as well as a strong base of retail investors."
By Anna Farley; annafarley@alliancenews.com
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Octopus Energy (ORIT)