Private equity-backed Orege raises €20.1m via IPO


paris10_sqPrivate equity-backed wastewater treatment company Orege has raised €20.1m via an IPO, becoming the first purely cleantech French company to be listed on the Paris stock exchange.

The company was floated at €3.24 per share, giving it a market cap of €57.7m. Societe Generale and Invest Securities acted as bookrunners for the IPO.

As a result of the IPO, Eren has become the largest shareholder in Orege by investing €15m, which covered nearly 75 per cent of the offer.

Private equity fund Climate Change Capital, which is backed by Alpinvest, Robeco and Universities Superannuation Scheme, has retained a 22.7 per cent stake in the business.  Climate Change said the company’s value has increased significantly since its initial €6m investment in 2011.

Orege will use the proceeds to develop a presence in the oil and gas, chemicals, food and beverage markets and expand into international markets including Germany, the US and the UK.

Earlier this year AltAssets reported that Climate Change secured £70m in equity for its Climate Change Property Fund.

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