The IPO of green hydrogen company Lhyfe has won Sustainable Equity Issue of the Year at the prestigious IFR Awards. Bryan Garnier acted as Joint Global Coordinator and Joint Bookrunner to Lhyfe on its landmark €118m IPO on Euronext Paris in May 2022.

The winners were announced on 10 February 2023, with an awards ceremony taking place in London on 27 March 2023.

IFR noted the challenging market conditions in which the IPO was executed, less than a month after the outbreak of war in Ukraine, although EU’s renewed focus on energy security had helped to “underscore the importance of its [Lhyfe’s] unique equity story”.

Despite volatile market conditions, the IPO was launched with three cornerstone investments from institutional and strategic investors, representing between €32m and €39m, the largest of which was from strategic investor Energias de Portugal Renovaveis (EDPR) who committed €25m.

Matthieu Guesné, Founder and CEO of Lhyfe said:

We are extremely grateful to our deal team at Bryan Garnier. Their extensive relationships with strategic and institutional investors were invaluable to this process, which helped to ensure the success of Lhyfe’s IPO. In addition to a fantastic roster of long-only investors, having EDPR as a cornerstone investor will help us to accelerate the development of industrial projects and strengthen our position as a leading producer of green hydrogen in Europe and beyond.

Fundraisings over €100m for energy transition companies are rare. This transaction demonstrates Bryan Garnier’s leadership in the Energy Transition and Sustainability sector, with six fundraisings above €100m in the last two years.