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Renault shares rise after carmaker calls off Ampere IPO
Renault shares rise after carmaker calls off Ampere IPO By Reuters
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Published Jan 30, 2024 03:07AM ET
Updated Jan 30, 2024 04:10AM ET
© Reuters. FILE PHOTO: Renault’s logo seen on the boot of the new and advanced Kwid car at a launch event in New Delhi, India, January 9, 2024. REUTERS/Sahiba Chawdhary/File Photo
PARIS (Reuters) -Renault’s shares rose as much as 4.5% at Tuesday’s open after the French automaker ditched plans to list its electric vehicle business Ampere, citing sluggish stock market conditions.
Renault (EPA:RENA) said on Tuesday it had enough cash to do without the stockmarket listing and would continue to fund the development of Ampere until it reaches break-even in 2025.
“Cancellation of the Ampere IPO should be positive for current shareholders as it minimises upfront dilution ..and removes a layer of complexity in the investment case,” Jefferies analysts said in a note.
Analysts at Berenberg noted that Renault stressed that “record margins and strong cash generation are likely to be released at the company’s full-year results on 15 February….This makes capital raised from a potential IPO of Ampere as less necessary,”
Renault’s shares were up 1.68% at 0836 GMT.
Renault shares rise after carmaker calls off Ampere IPO
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