Dutch SPAC ESG Core lists in €250m Euronext IPO

ESG Core Investments, a Dutch special purpose acquisition company (SPAC) with an environmental, social and governance (ESG) profile, has listed on the Euronext Amsterdam Exchange.

SPACs are shell companies that raise money with the aim of buying a privately held company that wants to go public.

ESG Core Investments was launched by Infestos, the Dutch family-owned investment firm.

“ESG Core Investments was successfully listed through the admission to trading of the 25,000,000 shares,” said Euronext.

“At opening, the share price was set at €10.00 per share. Market capitalisation was approximately €250 million on the day of listing …

“ESG Core Investments strives to acquire a majority stake in a strongly positioned ESG company in North Western Europe, supporting that company to realize its growth ambitions.

“With its strong track record in ESG, Infestos Sustainability B.V is the sole sponsor.

“The listing of ESG Core Investments marks the first SPAC listing of 2021 on Euronext Amsterdam.

“It is also the first Special Purpose Acquisition Company with an exclusive focus on ESG on Euronext Amsterdam.”

SPACs, which raised $79 billion last year, have become popular as a faster and cheaper way for some private companies to achieve a stock market listing.

ESG Core Investments MD Frank van Roij said: “This is a great moment for ESG Core Investments.

“Through this IPO we seek to provide a strongly positioned ESG company in North Western Europe with access to capital, unlocking a unique opportunity for growth.

“Together with our hands-on team we look forward to further fuel the transition from a private to a public company, as we previously did with Alfen.

“We believe Euronext Amsterdam is very attractive for ESG companies as it is located in the heart of North-Western Europe, an area with many opportunities in the field of energy transition and water technology in which we have built a strong track record.”