Dutch FDCA chemist launches capital increase of €55.45 million
The Dutch renewable chemistry group has opened to its shareholders an offer of 33,608,956 new ordinary shares at the unit price of €1.65, on a basis of 4 for 3, notably to finance the ramp-up of its flagship FDCA plant.
€13.41 million in commitments and €42.04 million guaranteed
Announced on October 27, 2026, the operation takes the form of a subscription rights issue fully covered by commitments and a guarantee, for an amount of €55.45 million.
The issue price reveals a discount of 42.7% compared to the theoretical ex-rights price, calculated on the basis of the closing price of €4.52 on October 26, 2026 on Euronext Amsterdam.
Irrevocable commitments from shareholders and reference investments total €13.41 million, representing approximately 24.2% of the offer. They come notably from INNL Publiek-Private Product Structurering B.V. (PPPS), on behalf and at the risk of the Dutch State, from Pieter Kooi Holding B.V. and Navitas B.V., long-term shareholders, as well as from a new investor.
The balance of the offer, approximately €42.04 million, is subject to an underwriting guarantee. The rights detachment will occur on October 28, 2026, with a record date set for October 29, 2026 at 17:40 (Central European time).
The rights will be tradable from October 28, 2026 at 9:00 to November 6, 2026 at 17:36, and the exercise period will extend from October 28, 2026 at 9:00 to November 10, 2026 at 17:45. The prospectus was approved on October 27, 2026 by the Dutch financial markets authority (AFM).
Working capital and ramp-up of the Delfzijl plant
According to the company, the operation aims to remedy its working capital shortfall, to finance the ramp-up and commercialization of its flagship FDCA plant, and to support its transformation into an industrial and commercial company focused on the production of FDCA and PEF as well as on the licensing of its YXY technology.
The announcement follows the transition of the Delfzijl plant from commissioning to production, announced on September 28, 2026. Chief Executive Officer Tom van Aken indicated that the first commercial deliveries under existing purchase agreements were expected toward the end of 2026.
He reported 23 purchase agreements covering the plant's production and 17 capacity reservation agreements, representing more than 150 kilotonnes of potential annual capacity from future licensed units.
The capital increase is part of a broader financing plan, which includes a proposed €20 million loan from NOM (investment and development agency for the north of the Netherlands). This loan would provide the company with additional financial flexibility, according to the executive.
