Thursday, May 19, 2022

Next.e.GO Mobile planning to hit the stock market this year

Germany electric car Startup Next.e.GO Mobile is planning a stock market listing in the first half of 2022. It remains unclear how the IPO will proceed: A normal IPO and a SPAC deal are considered.

As first reported by the German publication Handelsblatt with reference to several persons familiar with the matter, the company will be valued at around 1.5 billion euros.

The company wants to raise money to finance planned growth steps with the IPO.

While the investment bank Citi, which according to the insiders is to organise the process, declined to comment to the Handelsblatt, the chairman of the board of Next.e.GO Mobile, Ali Vezvaei said.

“As with other players in the EV sector, there comes a point in time for a young company like ours to transform from a private to a public company to accelerate growth,” “That time is not far away for e.GO.”

Ali Vezvaei

The manager, who took over as chairman of the board of directors representing investors ND Industrial in the September 2020 takeover, apparently did not comment on the possible valuation and the process of the IPO – at least the newspaper did not publish any quotes to that effect.

In favour of a SPAC deal, in which Next.e.GO Mobile SE would merge with an already listed company, which is the planned time frame: SPAC mergers usually take place much faster, so a stock exchange listing in the first half of 2022 would be so possible. However, it is unknown which stock exchange Next.e.GO Mobile wants to be traded. Since the listed merger partners were usually founded for precisely this purpose and listed as investment vehicles, they are also called “Special Purpose Acquisition Companies” or SPACs for short.

See also  NIO Stock considering secondary listing in Singapore

Next.e.GO Mobile would not be the first eMobility company to go public via a SPAC merger: In November, the Munich-based solar car developer Sono Motors also went public via a merger on the US technology exchange Nasdaq. Sono raised fresh capital through the successful IPO and averted probable insolvency.

Hi I'm Leanne. I'm a big fan of electric cars (drive a Model 3 myself) and support the movement to go electric! I hope you enjoy my Articles here on the website.
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