Fluence, the Germany-headquartered energy storage technology producer co-founded by energy utility AES and industrial technology and appliance provider Siemens, closed its initial public offering at just over $998m yesterday.
The company had raised an initial $868m in the offering last week, issuing 31 million shares priced at $28.00 each. Those shares have since risen to $35.32, leading the underwriters to buy another 4.65 million shares for a total of $130m.
Formed by the corporates in 2018, Fluence produces modular battery-based storage systems for use with renewable energy installations such as solar plants or wind farms. Its IQ Digital Platform software meanwhile helps users get the best price for their energy through automatic bidding and price prediction tools.
Qatar Investment Authority invested $125m in the company in December 2020 at a $1bn valuation, with Siemens and AES retaining the rest of the shares. They will each own 34.2% stakes as of the completion of the offering.
The lead book-running managers for the offering were JP Morgan Securities, Morgan Stanley, Barclays Capital and BofA Securities, while Citigroup Global Markets, Credit Suisse Securities (USA), UBS Securities, Evercore Group, HSBC Securities (USA) and RBC Capital Markets were also joint book-running managers.
Nomura Securities International, Robert W Baird, Raymond James, Seaport Global Securities, Penserra Securities and Siebert Williams were co-managers for the IPO.
