Erbud taps public markets for its ONDE renewables division; will raise 214 million pln

The Polish Financial Supervision Authority (KNF) has approved ONDE’s prospectus. Thus, the company begins the public offering of shares and the process of entering the WSE. It plans to obtain up to PLN 214.5 million for the expansion of the project portfolio. ONDE belongs to the Erbud Group listed on the stock exchange.

ONDE, a general contractor of wind farms and photovoltaic farms, is a leader in Poland in the segment of construction for renewable energy. The scale of operations is well reflected in the share of the wind farm construction market in Poland. In 2020, the company had over 50% share in projects that won RES auctions in 2019. In addition, it had a 10% share in projects that won RES auctions in 2019, in the construction of solar farms up to 1 MW (based on data from RES auctions).

ONDE has been operating on the RES market for years. The company has completed and is implementing 250 projects with a total capacity of 2,809.5 MW. The vast majority of power is allocated to wind farm projects and the rest to solar farm projects.

At the end of the first quarter of this year, ONDE had contracted executive projects worth PLN 1 billion and secured an investment pipeline with a total target capacity of 458 MW in projects in the wind and photovoltaic sector, which the company will implement on its own account.

Importantly, ONDE belongs to the Erbud Group. It has been listed on the stock exchange since 2007. It has over 30 years of experience in the construction market in Poland and Western Europe.

The issue will support the transformation from an executive into an executive and investment company
Funds obtained from the issue of new shares in the maximum amount of approx. PLN 214.5 million gross. will be allocated to the further expansion of the portfolio of wind and photovoltaic projects and their development. The company intends to use the acquired funds to refinance, purchase and develop renewable energy projects, which will then be sold to investors.

“Our strategy assumes that the money invested in this way will allow us to rapidly develop a new business. It will also make the cash return to the company quickly and it will be reinvested in further projects. Such an accelerated start is very important because the full development of a RES project takes up to two years, ”explains Paweł Średniawa, president of ONDE.

The public offering will offer new issue shares and shares owned by the current shareholders. The value of the entire offer will amount to PLN 444.5 million.

The offering will cover no more than 8.25 million new shares and up to 8.85 million existing shares. The final price was set at PLN 26 per share.

Approximately 15% of the offered shares will be offered in the tranche for individual investors.

If the company manages to place all the shares of the new issue at the maximum price of PLN 26 per share, its market value will amount to PLN 1.4 billion.

ONDE intends to debut on the main market of the WSE.


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