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Eni's Plenitude ready to list when market conditions exist, CEO says

Plenitude, the retail and eco-friendly organization of Italian energy company Eni, is all set to list on the Milan bourse as soon as market conditions allow it, its Chief Executive Stefano Goberti said on Wednesday.

Eni needed to freeze Plenitude's initial public offering ( IPO) in 2022 due to the energy crisis set off by Russia's. intrusion of Ukraine.

After that, Eni participated in talks with investors and signed a. offer last December with Energy Infrastructure Partners (EIP). under which the Swiss fund got 7.6% of the company through a. reserved capital increase. The offer does not imply that Plenitude. has actually altered its strategies, Plenitude CEO said.

We are ready for the listing, certainly we need to verify. the market conditions ... When conditions are great, we will. definitely opt for the IPO, Goberti told on the sidelines. of a conference organised by EIP in Zurich.

EIP invested almost 600 million euros in Plenitude, valuing. the low-carbon business at around 10 billion euros including. financial obligation. It got one seat out of the seven that make up Plenitude's. board of directors.

Their contribution has actually been very favorable so far ... they. understand the energy sector and monetary market very well, Goberti. stated.

To reboot the listing process, Plenitude is awaiting. less volatility and a more receptive equity market, the. Plenitude CEO said, adding there were some preliminary indications of a. return of IPO candidates, but only in particular sectors.

We have started to see some IPOs worldwide and in. Europe, however in our sector - associated to renewables and energy. transition - the sun is still pale, so let's wait on a somewhat. warmer sun and then we might certainly launch the listing,. Goberti said.

Plenitude is targeting a base of 11.5 million consumers from. simply over 10 million presently.

Goberti stated the company was focusing on growing its customer. base naturally but he did not eliminate the possibility to purchase. a portfolio of consumers should a good chance develop.

(source: Reuters)