Eni’s Plenitude ready for listing when market conditions are right, says CEO

ZURICH (Reuters) – Plenitude, the retail and renewable energy business of Italian energy group Eni, is ready to list on the Milan Stock Exchange as soon as market conditions allow, its chief executive said on Wednesday Stefano Goberti.

Eni had to freeze Plenitude’s IPO in 2022 due to the energy crisis triggered by Russia’s invasion of Ukraine.

After that, Eni initiated discussions with investors and last December signed an agreement with Energy Infrastructure Partners (EIP) under which the Swiss fund obtained 7.6% of the company through a reserved capital increase. The deal does not mean Plenitude has changed its plans, Plenitude CEO said.

“We are ready for the IPO, obviously we have to check the market conditions… When the conditions are good, we will definitely proceed with the IPO,” Goberti told Reuters on the sidelines of a conference organized by the EIP in Zurich.

EIP has invested nearly €600 million in Plenitude, valuing the low-carbon company at around €10 billion including debt. She obtained one seat on the seven seats on the Plenitude board of directors.

“Their contribution has been very positive so far…they know the energy sector and the financial market very well,” Goberti said.

To restart the listing process, Plenitude expects less volatility and a more receptive stock market, Plenitude CEO said, adding that there were some early signs of a return of IPO candidates, but only in specific sectors.

“We have started to see some IPOs around the world and in Europe, but in our sector – linked to renewable energy and energy transition – the sun is still pale, so let’s wait for a little warmer sun and then we can definitely launch the listing,” Goberti said.

Plenitude is targeting a base of 11.5 million customers compared to just over 10 million currently.

Goberti said the company was focused on growing its customer base organically, but he did not rule out the possibility of buying a portfolio of customers if a good opportunity presented itself.

(Reporting by Francesca Landini; editing by Keith Weir)

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