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Ceres Power weak as IP Group reduces its holding via a secondary placing which saw “significant investor demand”

The FTSE 250-listed group sold 12,250,000 ordinary shares in Ceres Power at a price of 425p each, having upsized the proposed transaction from an initial level of approximately 11 million ordinary shares

Ceres Power Holdings PLC -
IP Group will continue to hold approximately 9.4mln ordinary shares in Ceres Power, representing approximately 5.5% of the issued share capital

Ceres Power Holdings PLC (LON:CWR) saw its shares fall 5% on Thursday following news IP Group Plc (LON:IP) has reduced its holding in the company via a secondary placing which saw “significant investor demand”.

In a statement, FTSE 250-listed IP Group said it sold 12,250,000 ordinary shares in Ceres Power at a price of 425p each, having upsized the proposed transaction from an initial level of approximately 11 million ordinary shares due to the significant investor demand.

READ: Ceres Power appoints Ricardo executive Mark Garrett as its chief operating officer with effect from August 10

The placing shares represent approximately 7.2% of the AIM-listed fuel cell firm’s issued share capital.

The placing was conducted through an accelerated bookbuild. for which Berenberg acted as sole bookrunner.

Following the completion of the placing, IP Group said it will continue to hold approximately 9.4mln ordinary shares in Ceres Power, representing approximately 5.5% of the issued share capital. Those shares are subject to a lock-up which will end 90 days after completion of the placing.

Ceres Power was not a party to the placing and will not receive any proceeds.

The group’s shares were down 5.4% to 447.50p in morning trade on Thursday.

Quick facts: Ceres Power Holdings PLC

Price: 522 GBX

LSE:CWR
Market: LSE
Market Cap: £891.14 m
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