BPIFrance’s placement of 6.5 million Technip Energies shares weighs on the stock, diluting ownership by 5.6%.
Technip Energies shares fell after BPIFrance placed 6.5 million shares, representing 5.6% of the company’s capital. The sale, conducted at €14.50 per share, was executed via an accelerated bookbuild offering to institutional investors.
Prior to the placement, Technip Energies had traded at €14.80, closing slightly lower the previous session. The move follows BPIFrance’s gradual reduction of its stake in the energy services firm over the past year.
The stock opened 3.2% lower in early Paris trading, reflecting investor reaction to the sudden supply increase.