Oct 8, 2021 - 01:09 pm

Ebusco to hit the Amsterdam stock exchange

The Dutch electric bus and charging infrastructure manufacturer Ebusco is planning its IPO on Euronext Amsterdam. Through the IPO, which is to take place in the course of the coming weeks, Ebusco is aiming for gross proceeds of around 300 million euros.

Ebusco says it will use the capital to finance investments in its international expansion and growth strategy until 2023. Unlike many eMobility companies, however, Ebusco wants to manage the IPO on its own and is not merging with an already listed company, a so-called SPAC.

The electric bus manufacturer is responding to rising demand: sales grew by 116 per cent between 2018 and 2020 to around €100 million at last count. The Ebitda margin in 2020 was a proud 27 per cent.

The company was founded in 2021 and has so far delivered 346 zero-emission buses in seven European countries. As of 30 September 2021, Ebusco had 232 orders on the books, up from 140 vehicles ordered in June. The conversion of public transport fleets to zero-emission buses continues to gather pace: In September, according to Ebusco, 2,405 electric buses had already been put out to tender for procurement in Europe – up from 331 in June.

The company says it has already attracted some anchor investors for its IPO. ING Corporate Investments Participaties B.V., currently the largest investor with around 25 per cent, has committed to subscribe to offer shares at the offer price of 32.5 million euros. Teslin Capital Management B.V. and Alychlo N.V. also apparently want to invest. In addition, according to Ebusco, “a number of other institutional investors and family-owned companies based in the Benelux have expressed significant interest in investing”.

The expansion of production capacities is already underway: At the Ebusco plant in Deurne, the Netherlands, where the Ebusco 3.0 electric bus is built, a new production hall is scheduled to open on 28 October. According to Ebusco, the plant should reach a production capacity of 500 buses per year by 2022.

“We started Ebusco nearly a decade ago on the strong belief that electric transport is the future,” says CEO Peter Bijvelds. “With
a sole focus on electric buses and charging systems, we have developed the Ebusco 3.0, a revolutionary and unique bus that is a genuine game changer in our industry worldwide. This positions us well to take advantage of growing market and regulatory momentum.”

ebusco.com (IPO), ebusco.com (factory in Deurne)

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Found on electrive.com
https://www.electrive.com/2021/10/08/ebusco-to-hit-the-amsterdam-stock-exchange/
08.10.2021 13:57