Parent company Ebro is making a swift debut on the stock market, setting its sights on a free trade zone.
As Ebro prepares to restart the old Nissan plant in the Free Zone, its parent company went public this Monday. EV Motors rang the bell and was listed on BME Growth, the SME segment of the Spanish stock exchange, with one purpose: to reindustrialize the free trade zone and relaunch the Ebro brand, for which it is planned to invest 80 euros in the plant in 2025.
The company, China’s Chery’s partner in the Free Zone project, went public, valued at €329 million, and saw the ringing of a bell on the Madrid Stock Exchange, with EV Motors President Rafael Ruiz playing a leading role. and CEO Pedro Calef. Through this operation, the company aims to strengthen itself by focusing on the Free Zone, where plans to invest up to 300 million euros over five years in adapting the assembly lines of the old Nissan, renamed Ebro Factory and managed by Ebro and Chery.
On its debut, the company’s shares soared 19.9% to €8.25 per share, up from its opening price of €6.88. The IPO of parent company Ebro will allow “accelerate growth and increase the professionalization of the company”Calef assured.
EV Motors shares soared 20% on debut, according to BME Growth data
Free Trade Zone Factory It is expected to resume operations at the end of the year with two Ebro models: S700 and S800.. This comes nearly three years after the closure of the Nissan plant and after a delay that will delay production of Chery’s electric Omoda 5 until 2025.
The company’s IPO comes after it closed a 40 million capital increase in August, which was added to a previous capital increase of 18 million more than a year ago. This Summer Presents “the largest financial transaction before the inclusion of the company in BME Growth”as emphasized by the managing director of the stock market, Jesus Gonzalez.
Debuting as a listed company, EV Motors aims to “not only grow the company, but also revive historic brands such as Ebro and the possibility of accelerating the process of re-industrialization of the plant in the free trade zoneRuiz noted.
For this project, Ebro teamed up with Chery. joint venture agreed in April, which was formalized just last Friday in a public act. The alliance was created after months of intense negotiations, including trips to China. and will make the plant the first in Europe to produce Chinese-made cars.
The first hundred workers will be involved in the production of Ebro S700 and S800 models at the plant. With the advent of new Ebro models and the Chery Omoda 5 electric car, Manufacturers expect more employees at the plant.who are among the 1,200 former Nissan employees who have decided to re-industrialize.