With wind turbines from Dresden to the Paris stock exchange
iQRON AG plans IPO on Euronext Access // Sales potential estimated at 7 billion euros.
Frankfurt - With small wind turbines designed to generate electricity for large mobile phone masts, a small company from Dresden, iQRON AG, is aiming for the big stock exchange in Paris. An IPO is easier there than in Frankfurt. And Euronext, with its Access segment, is one of the leading technology exchanges behind Nasdaq'', explains IPO consultant Louis Thannberger the move. The former banker from Alsace has already has already led many companies to Euronext Access.
iQRON still has only three investments to show and has almost no sales. No sales at all. But the potential seems great: Deutsche Funkturm, Deutsche Telekom's mobile communications antenna subsidiary, is among its first customers. Other such billion-dollar cell tower companies with thousands of towers include Spain's Cellnex, Italy's Inwit, Telefonica subsidiary Telxius and Vodafone subsidiary Vantage Tower, which will soon go public in Frankfurt, is going.
Replacement for diesel aggregates
For such companies, iQron wants to replace the diesel gensets that have been supplying power to cell towers with small wind turbines. "We're aiming for mass sales," says current CEO and designated CEO Michael Eckelmann, a former banker. With 2.5 million cell towers, he puts the sales potential at the sales potential at 7 billion euros. In comparison, the IPO in Paris seems very modest.
Only just under 8 million euros in proceeds from the issue are being sought for 25% of the shares. Under the rules of the Paris stock exchange regulator AMF, this eliminates the obligation to produce an IPO prospectus - and thus part of the cost of an IPO.
Listing sponsor of the IPO is NFinance from Paris. The stockbroker is offering the shares to investors. Around 4.5 million euros of the planned proceeds will come from new shares in a capital increase.
shares from a capital increase. This money will be used to build up the company's sales organization. Production will take place in Turkey, assembly in Germany. A further 2.5 million euros are to come from shares held by the owner - the small Dresden-based venture capital holding E2C3. Consultant Thannberger plans a market capitalization of 30 million euros.
Banks wouldn't give us a loan because we don't have any sales to show for it - and we didn't want to give up control to a financial investor," says iQRON CEO Eckelmann, explaining the IPO in Paris. Eckelmann is convinced that the company will be successful. For 2024, he plans to achieve an operating earnings before interest, taxes, depreciation, and amortization of 15 mill. 4,000 wind turbines sold.
A small wind turbine with 5 kilowatts of power from iQRON not only delivers not only climate-friendly electricity from renewable energies, but also saves but also saves around 15 % of the operating costs compared to the diesel generators that have been used up to now. The investment of 10,000 euros for a small wind turbine, which can be installed within six hours and requires no maintenance, pays for itself after just six years and then generates a profit. In total, such a wind turbine will run for 20 years.
This article was published in the Newspaper for the financial markets // Edition 155 of 14.08.2020
» Read the article in German