Tuesday 26 May 2020

Electric charging station group Fastned powers up in price at IPO

Photo: DutchNews.nl

Shares in Dutch company Fastned, which is building a European network of fast charging stations for fully electric vehicles, more than doubled in price in early trading on Friday, after the company’s IPO.

Fastned, which had delayed its shift from the alternative exchange Nxchange to Euronext Amsterdam by one week, launched at €11 but had soared to €35 by 11am.

The company, which decided against issuing new shares, said the listing will bring more ‘flexibility in financing and better access to the capital markets’.

Since its launch in 2012, Fastned has built a network of 101 fast charging stations in its domestic market, the UK and Germany, of which most are in the Netherlands.

The company also plans to open in Belgium, France and Switzerland, where it recently won a tender for 20 locations.

Fastned, which has a workforce of 50, booked turnover of €1.6m in 2018 and made a loss of €6.3m.

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