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Fieldfisher Paris Equity Capital Markets department acted as deal counsel in the framework of Hydrogen-Refueling-Solutions (HRS) Euronext Growth® Paris market IPO. This IPO represents a record success as it is the largest ever achieved since the creation of this market.
Founded in 2004, Hydrogen-Refueling-Solutions (HRS) is pioneer in hydrogen mobility. A European designer and manufacturer of hydrogen refuelling stations, for over ten years, the company has been committed to reducing transport emissions. Thanks to its unique experience and know-how, HRS has developed a complete range of hydrogen refuelling stations for all types of fuel cell vehicles that is perfectly suited to the needs of a fast-growing European market.
The Global Placement, primarily for corporate investors, and the Open Price Offer, primarily for private investors, were a tremendous success. Overall demand represented a total oversubscription of 5.7 times the number of shares on offer, equivalent to total demand of €416.6 million, of which €325.8 million was subscribed by European corporate investors and €90.8 million by private investors.
The share price was set at €25.30 per share, the high end of the indicative price range. The total gross proceeds of the issue amounted to €73.6 million. After the exercise of the Extender Clause (through the sale of existing shares) for €11.0 million, the amount of the transaction was increased to €84.6 million.
This IPO gives HRS the financial resources necessary to deploy its ambitious development strategy with the following priorities: financing working capital requirements (WCR) to support organic growth, financing the construction of a new site to house the R&D teams, the FabLab and a 1-ton H2 capacity station open to the public, financing a recruitment plan for more than 130 people between mid-2020 and mid-2025, and financing targeted external growth operations.
Samuel Pallotto, head of Fieldfisher Paris' Equity and Capital Markets Department, comments: "We are very proud to have been able to work alongside HRS in their IPO. We would particularly like to thank its founder and CEO, Hassen Rachedi, as well as the teams at Gilbert Dupont and Portzamparc, for trusting us to support them in this operation, which was an unprecedented success on the Euronext Growth® Paris market. This matter illustrates our excellent knowledge of the energy sector and its challenges, a key sector for the firm, as well as the strength of our Capital Markets activity with a very significant number of instructions over the last few months, including some of the most visible, further consolidating our position as a key player in the small and mid-cap market".
Fieldfisher's team consisted of Samuel Pallotto, partner, Mathilde Cazé, Mathilde Ghez and Charlotte Wright, associates, on Equity and Capital Markets aspects, and Antoine Gabizon, partner and Cédric Pavao, associate, on tax aspects.
Other participants: Gilbert Dupont (Global Coordinator, Joint Lead Manager and Bookrunner, Listing sponsor), Portzamparc (Joint Lead Manager and Bookrunner), Lazard (Counsel), BK Avocats d'Affaires (Legal counsel), Parenthèse Finance (Financial Advisor), Conseils D'Experts (Chartered Accountants), BBM Groupe and Mazars (Statutory Auditors), Actus Finance & Communication (Financial Communication)
Founded in 2004, Hydrogen-Refueling-Solutions (HRS) is pioneer in hydrogen mobility. A European designer and manufacturer of hydrogen refuelling stations, for over ten years, the company has been committed to reducing transport emissions. Thanks to its unique experience and know-how, HRS has developed a complete range of hydrogen refuelling stations for all types of fuel cell vehicles that is perfectly suited to the needs of a fast-growing European market.
The Global Placement, primarily for corporate investors, and the Open Price Offer, primarily for private investors, were a tremendous success. Overall demand represented a total oversubscription of 5.7 times the number of shares on offer, equivalent to total demand of €416.6 million, of which €325.8 million was subscribed by European corporate investors and €90.8 million by private investors.
The share price was set at €25.30 per share, the high end of the indicative price range. The total gross proceeds of the issue amounted to €73.6 million. After the exercise of the Extender Clause (through the sale of existing shares) for €11.0 million, the amount of the transaction was increased to €84.6 million.
This IPO gives HRS the financial resources necessary to deploy its ambitious development strategy with the following priorities: financing working capital requirements (WCR) to support organic growth, financing the construction of a new site to house the R&D teams, the FabLab and a 1-ton H2 capacity station open to the public, financing a recruitment plan for more than 130 people between mid-2020 and mid-2025, and financing targeted external growth operations.
Samuel Pallotto, head of Fieldfisher Paris' Equity and Capital Markets Department, comments: "We are very proud to have been able to work alongside HRS in their IPO. We would particularly like to thank its founder and CEO, Hassen Rachedi, as well as the teams at Gilbert Dupont and Portzamparc, for trusting us to support them in this operation, which was an unprecedented success on the Euronext Growth® Paris market. This matter illustrates our excellent knowledge of the energy sector and its challenges, a key sector for the firm, as well as the strength of our Capital Markets activity with a very significant number of instructions over the last few months, including some of the most visible, further consolidating our position as a key player in the small and mid-cap market".
Fieldfisher's team consisted of Samuel Pallotto, partner, Mathilde Cazé, Mathilde Ghez and Charlotte Wright, associates, on Equity and Capital Markets aspects, and Antoine Gabizon, partner and Cédric Pavao, associate, on tax aspects.
Other participants: Gilbert Dupont (Global Coordinator, Joint Lead Manager and Bookrunner, Listing sponsor), Portzamparc (Joint Lead Manager and Bookrunner), Lazard (Counsel), BK Avocats d'Affaires (Legal counsel), Parenthèse Finance (Financial Advisor), Conseils D'Experts (Chartered Accountants), BBM Groupe and Mazars (Statutory Auditors), Actus Finance & Communication (Financial Communication)