The company, which will debut in the market segment reserved for SMEs -BME Growth with the ticker EBROM-, will land at an initial price of 6.88 euros per share. The automotive company will ring at the Madrid Stock Exchange Palace, led by the president of EV Motors, Rafael Ruiz, and the CEO of Ebro, Pedro Calef.
The price established for each security is close to 6.87 euros -0.10 euros of nominal value and 6.77 euros of issue premium-, on which a capital increase of 40 million euros was carried out at the beginning of last July with qualified investors to ensure the viability of operations in the short term and which recorded an oversubscription of close to 25%.
EV Motors justifies this operation by asserting that with its arrival on the capital market, it seeks to increase its own resources to improve the financial situation of the company and expand its shareholder structure.
“Our desire is to open this project to all those who want to join reindustrialization and the technological development of our country, together with a national automobile brand that works for sustainable mobility”, says the president of EV Motors, Rafael Ruiz.
The arrival on the stock market of the revitalized Spanish automobile brand comes to fruition after the agreement signed in April with the Chinese manufacturer Chery for the creation of a “joint venture” to manufacture cars in Spain, taking the region as a reference to start its expansion. throughout Europe.
Ebro intends to start operations in mid-November, manufacturing of the S700 and S800 models in the Catalan capital, which will each have two versions, one gasoline and the other plug-in hybrid. Likewise, during the first part of the year, the automobile group will start producing the S400 model and by the end of 2025 it wants to have a “reduced size” version.
Potential growth
EV Motors forecasts very significant growth in total sales, from the 36 million euros expected at the end of 2024 – based on the start of vehicle production – to more than 1,918 million euros expected by 2029, when at which the estimates would record a positive result. balance of 250 million euros.
Such predictions They are essentially based on the production and sale of vehicles, with an expectation of production and sales of around 1,400 vehicles in 2024, to exceed 30,000 units sold in 2025. In the following years, accelerated growth is envisaged which will allow us to exceed 130,000 units sold in 2029.
Regarding debt, the equity ratio stands at 4.6 times and EV Motors warns that at the end of 2023 it had liabilities of 102 million euros, of which 40 came from the purchase of assets of Nissan in Barcelona. Likewise, Chery – through the company O&J Automotive Netherlands – has an option to purchase 9.9% of EV Motors which can be made effective within three years following the IPO, presumably, until the end of 2027.
At the same time, the company assures that Chery could withdraw for next year an investment of “nearly 30 million euros” in EV Motors if the company “fails to achieve a sufficient volume of occupancy of the production capacity of the factory. Trade Zone” and other agreements such as subscription to the capital increase or public licenses, “ideally, before December 31.”
No dividend policy
In the prospectus sent to the Spanish Stock Exchange and Markets (BME), EV Motors also specifies what the group’s initial dividend policy will be. The company claims that “there is no specific remuneration policy defined”. Until now, the Barcelona Technical Center (Btech) was the only company in the EV Motors group to distribute dividends in the last three years.
In 2024, a dividend distribution of more than one million euros is also planned, pending payment.
With almost 48 million shares, EV Motors arrives with a higher stock market value, for example, than the American car manufacturer Nikola, although it will be significantly lower than the capitalizations of European competitors like the Swedish Polestar – more than 3,000 million of euros-.
