Save for later Print Download Share LinkedIn Twitter Eni intends to sell 20% to 30% of the shares in its new retail and renewable power business to investors in a planned initial public offering (IPO) next year. CEO Claudio Descalzi said this week that the company will retain between 70% and 80% of the unit, which has been renamed Plenitude. "The IPO of Plenitude is a cornerstone of our decarbonization strategy and key to our ongoing transformation," Descalzi said during the company's annual Capital Markets Day. Eni's boss said the company is creating independent businesses like Plenitude with fully optimized capital structures to unleash their full potential. "This focused company will attract new capital, unlock value and accelerate the energy transition," he said. Descalzi declined to speculate on a potential valuation for the new company, however, analysts at RBC Capital Markets reckon it could be worth close to €10 billion.
