Fastned’s share price ‘explodes’ at Euronext Amsterdam
Posted On June 24, 2019
Fastned’s share price has ‘exploded’ on Friday at its introduction at the Amsterdam Euronext stock exchange. From 11 euros it went to 52,99 euros in no time, forcing Euronext to suspend trade several times.
Last week Fastned decided at the last minute not to issue new shares, as initially planned. CEO and co-founder, Michiel Langezaal, said they didn’t think the climate was right due to changing positions of the Dutch government in subsidizing electric vehicles.
The limited number of shares traded on Friday were the ones formally noted at the alternative Nxchange stock exchange. By trading them in for Euronext, Fastned hopes to get the attention of the larger institutional investors in the long term.
So far, most shares are in the hands of co-founder Bart Lubbers (51%) and his family (8%) and Langezaal himself (30%). Private investors owned the rest.
The ‘exploding’ share prices on Friday are attributed to the shortage of public tradable shares. Langezaal remained convinced it was better to postpone issuing new shares for the time being.
He hopes to attract big investors, like pension funds. But the Dutch ones seem to be somewhat half-hearted toward investing in charging infrastructure companies like Fastned.