Green Hydrogen Systems (GHS), a Denmark-based hydrogen production technology developer backed by shipping group AP Moller and energy utility Norlys Holding, plans to raise DKK1bn ($164m) in an initial public offering.
The company announced last week it intends to list its shares on the Nasdaq Copenhagen market. New and existing investors have signalled their intention to subscribe for approximately $108m of shares in the IPO at a pre-money valuation of about $328m.
Pension fund ATP has agreed to subscribe to $32.8m of shares, while Danish-state backed growth fund Vækstfonden, fund manager BankInvest and Nordea Asset Management will subscribe for $16.4m each, financial services firm Spar Nord for $7.4m and MK Ventures $4.1m.
ABG Sundal Collier Denmark, Carnegie Investment Bank and JP Morgan have been appointed as joint global coordinators and joint bookrunners for the offering.
Co-founded by automation technology provider Nordtec Optomatic in 2017, GHS is developing electrolysis technology for the production of hydrogen, and claims its processes are carbon neutral through the use of renewable power.
GHS raised $34.3m in debt and equity financing in December 2020 from AP Moller’s holding company, AP Moller Holding, as well as Norlys and Nordic Alpha Partners. AP Moller supplied $24.5m in convertible note financing while Nordic Alpha Partners pitched in $8.6m and Nordlys $1.2m.
AP Moller, Norlys and Nordic Alpha Partners have agreed to covert the debt financing into shares prior to the offering. The company’s existing investors also include Nordtec Optomatic and private equity firm Borean Innovation.
Photo courtesy of Green Hydrogen Systems.