The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023.
One European fund manager, speaking on condition of anonymity, said that given tough market conditions for IPOs Renault might ultimately have to take whatever valuation investors are willing to offer for Ampere to proceed.
Ampere was the only pure EV player in Europe and “deserves to trade at multiples closer to its peers with its low-risk exponential growth”, Renault added in an e-mailed statement.in September that the listing could value Ampere at between 8 and 10 billion euros, above the French carmaker’s own current market capitalisation of 9.55 billion euros. headtopics.com
Barclays analysts recently put a 5 billion euro valuation on Ampere, while last week Bernstein analysts wrote an open letter to de Meo advising him to scrap the IPO and consider selling Renault’s 28% stake in Nissan
One of the people and a third one said that despite the market climate Renault remained determined for the time being to go ahead with the IPO, which would involve around 20% of Ampere’s share capital. headtopics.com
The IPO and the stake sales to Nissan and Mitsubishi would leave Renault holding between 60% and 70% of Ampere, the people said, cautioning that the figures could change.