San Donato Milanese (Milan), 9 June 2022 – Eni S.p.A. (“Eni”) announces today its intention to launch an initial public offering (the “IPO”) for Eni Plenitude S.p.A. Società Benefit (“Plenitude” or the “Company”) for the listing of Plenitude’s ordinary shares on Euronext Milan, a regulated market which is organized and managed by Borsa Italiana S.p.A..
The IPO is expected to consist of a public offering to the general public in Italy and of a private placement reserved for qualified investors in Italy and the European Economic Area and to foreign institutional investors outside the United States of America pursuant to Regulation S of the United States Securities Act of 1933, as amended (the “Securities Act”) and in the United States of America only to “qualified institutional buyers” pursuant to Rule 144A of the Securities Act, excluding those countries in which the offer is not permitted without an authorization by the competent authorities, in accordance with applicable laws, or applicable statutory or regulatory exemptions.
The free float required for listing purposes will be reached through the sale of shares by Eni. The listing will attract new capital to Eni, maximizing the value of Plenitude and the stake owned by Eni and unlocking new resources to be allocated for the energy transition path.
The IPO is consistent with the strategic approach developed by Eni that includes the creation of dedicated entities with tailored business models focused on their customers and the capability to independently access the capital markets. Eni will continue to retain a majority stake in the Company, preserving its consolidation. Following the completion of the IPO, Plenitude will continue to benefit from Eni’s support, including its R&D, HSE culture, project management and financial strengths.
Claudio Descalzi, Eni CEO, commented: “Plenitude will help millions of customers across Europe switching to sustainable energy. Partially selling the business will unlock significant value and accelerate its growth, helping Eni cut the Scope 3 emissions currently generated by our customers - a key step to achieving our net zero target. We will continue invest in innovation to accelerate the energy transition and ensure our new businesses have the operational and financing models they need to scale quickly”.
Plenitude supplies natural gas and energy to around 10 million customers, has a portfolio of around 1.4 GW of installed renewable energy capacity in operation and intends to reach over 6 GW installed by 2025 and over 15 GW by 2030. In the e-mobility sector, as of March 2022 the Company has a network of around 7,300 recharging points and it plans to expand it to about 30,000 recharging points by 2025 and over 35,000 by 2030.
Plenitude was formed in 2017 from the combination of Eni’s retail gas & power activities. Today the Company has more than 2,000 employees and operates within the entire electricity value chain with a unique business model, which combines generation of electricity from renewables, sale of energy and energy services to retail customers, and a capillary network of charging points for electric vehicles.
Plenitude is a “Società Benefit”, which aims to have a positive impact on people, communities and the environment, and is part of Eni's broader commitment to create value through the energy transition and achieve carbon neutrality by zeroing net Scope 1, 2 and 3 CO2 emissions by 2040.