(News Bulletin 247) – The diamond manufacturer has begun to select its advisers with a view to listing Ampere, its entity dedicated to the production and marketing of electric vehicles, reports Bloomberg. Renault is aiming for a valuation of 10 billion euros.
Renault is stepping up the pace in its project to introduce Ampere, its subsidiary dedicated to electrics. The diamond brand has selected its advisers to help it manage this major operation, reports Bloomberg citing sources familiar with the matter.
The French automaker has thus chosen BNP Paribas SA, Goldman Sachs Group Inc. and JPMorgan Chase & Co. to lead the operation as joint global coordinators, according to these same sources. Renault has also selected Citigroup, HSBC Holdings, Morgan Stanley, Natixis and Société Générale to act as joint bookrunners, while Mediobanca will act as co-lead manager. Deliberations are ongoing and details of the IPO including the final composition of the listing banks could still be changed, Bloomberg adds.
A valuation close to 10 billion euros
The “carve-out” process, i.e. the isolation of Ampere’s financial statements, is “on track” and should be completed in the second half of this year, said Thierry Piéton, chief financial officer of Renault, during a conference call on Thursday. Renault still plans to launch the company’s IPO “towards the end of the year” at the earliest, he said, depending on market conditions.
“We are not under pressure from a funding perspective. Our intention is still to take this company public because we are confident that we have a very unique set of assets and a business proposition. which will be very interesting for investors”, continued Thierry Piéton.
If it takes place, this quotation will be one of the most important of the year in Europe. Renault would indeed aim for a valuation of around 10 billion euros for Ampere. This operation could above all relaunch large-scale IPOs in Europe.
They are currently at a standstill due to higher inflation and a more restrictive interest rate environment. In the first quarter of 2023, the amounts raised fell by 36% in Europe over one year, according to the latest data from the firm EY.
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