European designer and manufacturer of hydrogen refuelling stations Hydrogen-Refueling-Solutions (HRS) has raised €84.6 million in its initial public offering, with shares being listed today on Euronext Growth Paris. At an issue price of €25.30 per share, the IPO gives the company a market capitalization of €384 million.

According to Euronext, demand for the issue was very strong, with the public offering nearly 5x oversubscribed, and the open price offering oversubscribed 12.3 times.

Founded in 2004, HRS has developed a complete range of hydrogen refuelling stations that can be used by all types of fuel cell vehicles and that are adapted to the needs of a fast-growing European market. Demand for hydrogen refueling stations is expected to grow rapidly over the next several years, with the installed base in Europe expected to reach 1,500 stations in 2025 and 3,700 in 2030, according to the company.

Hassen Rachedi, CEO and founder of HRS, said:

“We are very pleased and proud of the tremendous enthusiasm surrounding our IPO and we would like to thank French and international institutional investors, as well as individual shareholders, for their confidence. Our IPO will enable us to accelerate our development and play a major role in the democratisation of hydrogen in transport. This raising of capital will support our ambition to play a key role in the European hydrogen industry.