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Atrato Onsite Energy PLC raises £150mln in significantly oversubscribed IPO

The trust is targeting a 5% dividend yield and a total shareholder return of 8-10%

Atrato Onsite Energy (LSE:ROOF) PLC, the investment trust focused on UK commercial rooftop solar power, said demand for its initial public offering was so high it could have raised numerous times the targeted £150mln.

The size of the offer was set at £150mln as this was the amount the investment adviser believed could be deployed within 12 months from admission. As a result a material scaling back exercise was undertaken, the company said.

Juliet Davenport, chair of Atrato Onsite Energy (LSE:ROOF), said there was strong support from a wide range of retail and institutional investors.

“This demonstrates the alignment of the investment community with our mission to build new renewable energy capacity to help meet the UK’s binding net zero emissions target and meaningfully contribute to the green economy,” she said in the statement.

Gurpreet Gujral, managing director of Atrato Partners, the trust’s investment adviser, added: “Atrato Onsite Energy (LSE:ROOF) plc aims to be the partner of choice for UK businesses considering rooftop solar in their plans to reach net zero. We are already working closely with our corporate customers to reduce both their carbon footprints and energy costs, and we look forward to updating our investors on our progress.”

The 150mln shares issued in the IPO were priced at 100p apiece, and are expected to begin trading on London’s main market on Tuesday 23 Novermber.

The trust aims to provide investors with both capital growth and secure, index-linked income, with a 5% dividend yield and a total shareholder return of 8-10% targeted.

Read More: Atrato Onsite Energy PLC raises £150mln in significantly oversubscribed IPO

2021-11-19 01:52:00

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