Bryan, Garnier & Co acts as Lead Manager and Sole Bookrunner on Mcphy Energy’s € 32M Euronext IPO, 8.6x Oversubscribed.

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 Paris, March 20th 2014 – Bryan, Garnier & Co, the European Growth Investment Bank, announces today the success of the Initial Public Offering of McPhy Energy, a company specialized in hydrogen-based solutions for energy storage and industrial applications, on Paris Euronext (Compartment C) under the ticker symbol “MCPHY”. Bryan Garnier & Co acted as Global Coordinator, Lead Manager and Sole Bookrunner on the IPO.

Olivier Beaudouin, Partner at Bryan Garnier commented: We are very proud to successfully back Mcphy in such a key moment of its life cycle. Our deep knowledge of the Technology and Energy sectors have enabled us to identify early on this unique company at the cross roads between two of our core sectors of expertise.  With strong technology, a highly experience management team, and industrial milestones with reference partners such as GdF, Total, Linde, E-on or Enel, McPhy is ideally positioned to capture a significant share of a the fast growing Industrial and Energy hydrogen markets. The success of McPhy Energy’s IPO is a strong indicator of the return of investor’s attention towards alternative energy / Cleantech deals.”

Pascal Mauberger, CEO of McPhy Energy, stated: “We are extremely happy about the success of our IPO. With their global reach, understanding of our business and a great team with a consistent drive and full dedication, Bryan Garnier have offered us a very high standard support all along the process. Their deep acquaintance in Europe with dedicated investors has been instrumental to ensure the best possible outcome for the company, and gather interest from some of the most prestigious investors in the sector”.

The Offer was met with great success by institutional investors as well as by individual investors. Global demand was for EUR 207.3 million, of which EUR 179.8 million for the Institutional Offering and EUR 27.5 million for the Public Offering. As a result, the Offering was oversubscribed 8.6 times.

Christian Finan, Director Equity Capital Market, added: “The solid equity story proposed by McPhy Energy combined to a buoyant capital market environment and dedicated placement efforts by the syndicate lead by Bryan Garnier & Co. enabled the company to price at the top end of the price range while maximising proceeds : with a tailored process targeted to both generalist institutional, industrial and specialist energy funds we have been able to maximise investor’s interest on this very successful transaction, with over 100 institutional investors in the book”

The offering of 3,880,215 new shares at EUR 8.25 per share, the high end of the indicative range, provides McPhy Energy with EUR 32m of gross proceeds through:

  • An Institutional Offering: 3,280,215 shares were allocated to institutional investors, representing approximately EUR 27m and 85 % of the shares offered;
  • An Open Price Offering: 600,000 shares were allocated to the public, representing approximately EUR 5m and 15% of the shares offered.

In view of the success of the Offering, the Company has decided to fully exercise the extension clause and took notice of the immediate and full exercise of the over-allotment option. Accordingly, new shares will represent 42.8% of the outstanding shares (38.4% on a fully diluted basis) and the market capitalisation of McPhy will be approximately EUR 74,8m following the IPO.

McPhy Energy has raised the funds necessary to accelerate its development, seize the opportunities available to its hydrogen-based solutions in the context of worldwide energy transition, and implement its strategic development plan:

  • Acceleration of its commercial development in the key regions of North America, Asia, Eastern Europe and Russia, as well as the Middle East and Africa;
  • Bolstering of its infrastructure for the industrial fabrication of hydrogen production and storage equipment;
  • Intensifying of the industrial deployment of its exclusive, solid-state hydrogen storage technology and the development of its product range of electrolysers for the energy, carbon-free vehicle, and industry markets.

Bryan, Garnier & Co acted as Global Coordinator, Lead Manager and Sole Bookrunner. Portzamparc acted as Co-lead Manager and Placement Syndicate Member.

Bryan Garnier & Co Deal Team:

Olivier Beaudouin| Partner – Corporate Finance | +33 (0)1 56 68 75 35

Christian Finan | Director – Equity Capital Markets | +33 1 56 68 75 30

Vincent Gasné | Director – Corporate Finance | +33 (0)1 56 68 75 93

Jonathan Foiret-Hurbin | Senior Associate – Corporate Finance | +33 (0)1 56 68 75 52

About McPhy Energy

McPhy Energy, founded at La Motte Fanjas (Drôme) in France in 2008, is a leading developer of hydrogen-based solutions. The Company draws on its exclusive technique for storing hydrogen in solid form and its years of experience in producing hydrogen through water electrolysis to design and manufacture flexible storage and production equipment.

McPhy Energy markets easy-to-use, environmental-friendly solutions combining unique safety features and energy independence to over 1,000 clients in the renewable energy, mobility and industry sectors.

The group has three production sites in France, Germany and Italy and an R&D laboratory in France. As a fast expanding company, McPhy Energy counts several top-tier private equity investors (Sofinnova Partners, Bpifrance, Gimv, Amundi, Emertec, Areva) among its shareholders.

(https://mcphy.com)

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