Triodos Bank preparing Amsterdam IPO

Triodos Bank is preparing an initial public offering (IPO) on Euronext in Amsterdam, the announced on Tuesday. Triodos Bank initially tried selling special certificates on the Multilateral Trading Facility (MTF), but evaluation has shown that this was not sufficiently effective, the bank, which is known for its focus on sustainable finances, said.

Triodos Bank asked three external parties to evaluate the MTF listing. They concluded that it succeeded in restoring the tradeability of shares on an external platform and that there was sufficient interest in the shares. However, the MTF platform was not sufficiently accessible to investors, and a “meaningful group of existing and potential new investors” proved unwilling or unable to trade on it. The analyses also showed that potential MTF improvements would be inadequate to resolve the experienced issues.

In parallel, the bank also investigated other listing options. “We have concluded a listing on Euronext will provide improved accessibility and therefore a better fit with new and current investors, while our mission, values, and ambition to be a frontrunner in sustainable banking will remain unchanged,” Triodos Bank CEO Jeroen Rijpkema said.

The bank is now preparing for its Amsterdam IPO. Preparations include seeking approval from shareholders at an extraordinary general meeting and submitting the plan to the relevant regulatory authorities. It is not yet clear when the Euronext listing will happen, but MTF trading will continue in the meantime, the bank said.