EVBox Group plans to list on the New York Stock Exchange through a merger with investment firm TPG Pace Beneficial Finance. The listing is expected to take place towards the end of the first quarter of 2021.
This quick timing is only possible because TPG is a so-called special-purchase acquisition company or SPAC. These companies are already listed on the stock exchange but were formed with the intent to merge with another company so to accelerate the listing on the stock exchange that can otherwise take up to two years.
Dutch EVBox expects to raise “significant growth capital” from the IPO when merging with TPG. They will use the funds to expand the business globally, with a focus on Europe and North America, and to expand the technology portfolio.
As a first step, EVBox plans a private placement of shares to be purchased by institutional investors. The company names Blackrock, Inclusive Capital Partners, Neuberger Berman Funds and Wellington Management. This is expected to raise $225 million, the equivalent of about 185 million euros. After completion of this deal, the public listing is then likely to take place. In total, EVBox expects to have “more than $425 million in cash on its balance sheet” or about 350 million euros.
Current major shareholder Engie that acquired EVBox in 2017 is expected to retain at least 40 per cent of the company and remain a key strategic partner, according to EVBox. “We are now scaled for further global expansion and to take a leading role in the anticipated acceleration of EV adoption,” said EVBox CEO Kristof Vereenooghe.
EVBox was founded in the Netherlands over ten years ago. Today, the company offers a range of AC and DC chargers and related software solutions. Previously specialising in AC chargers, the company acquired manufacturer EVTronic in 2018, adding DC chargers to its portfolio. This spring, the company opened its North American headquarters near Chicago.