Renault contacts potential underwriters for EV IPO, report says

The Renault Group is inviting investment banks to pitch for a role on the planned initial public offering of its Ampere electric-vehicle business, according to people familiar with the matter.

The French carmaker has been sending out requests for proposals to potential IPO underwriters in recent days, the people say, asking not to be identified because the information is private. It’s considering listing Ampere on the Euronext Paris bourse as soon as the fourth quarter, the people said.

Renault has been aiming for a valuation of roughly 10 billion euros ($10.8 billion) for Ampere, Bloomberg News reported in November. Deliberations are continuing, and details of the potential offering could change due to market conditions, the people said.

A spokesman for Renault declined to comment.

The company, which has been carving out its EV assets, this month announced internally around 15 in-house managers will be tasked with moving the Ampere project forward under the leadership of Chief Executive Officer Luca de Meo.

Renault is moving ahead with a sweeping overhaul to raise funds for EV development and narrow the gap with bigger rivals such as Stellantis. Its alliance partner Nissan has pledged to buy up to 15 percent of Ampere, and the third member of the alliance, Mitsubishi Motors, is considering an investment. Qualcomm, the largest maker of smartphone processors, will also back the business.

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