AutoStore $1.8 Billion IPO Is One of Norway’s Largest
(Bloomberg) -- Robotics firm AutoStore Holdings Ltd. and its backers are looking to raise as much as 15.5 billion kroner ($1.8 billion) on the Oslo Stock Exchange in one of Norway’s biggest-ever initial public offerings amid a rush of Nordic share sales.
AutoStore plans to raise $315 million, while holders will offer existing stock worth as much as $1.5 billion, according to a statement Friday. The listing could value AutoStore, which is owned by private equity firm Thomas H. Lee Partners, SoftBank Group Corp. and EQT AB, at as much as 103.4 billion kroner.
The share sale rivals telecom provider Telenor ASA’s 15.6 billion-kroner IPO in 2000 as among Oslo’s biggest on record, data compiled by Bloomberg show. If there’s enough demand, underwriters can allocate more shares, taking the total size of the AutoStore deal to 17.8 billion kroner.
Strong local markets and a global IPO boom are prompting big issuers to go public in the Nordics. Volvo Cars kicked off a banner deal this month, joining other large offerings by companies such as investment firm Storskogen Group AB.
Founded in 1996, AutoStore sells robots used in the storing and retrieval of goods in warehouses. As coronavirus restrictions led to a surge in online shopping, demand for the company’s products shot up. Sales jumped 88% in the first half of 2021 to about $150 million, AutoStore said.
The company will market shares at 27 kroner to 31 kroner each through Oct. 19, with the new stock set to start trading the next day. Four investors, including Fidelity International and Mawer Investment Management, have committed to acquire shares worth 6.9 billion kroner in the IPO.
Carnegie Investment Bank, JPMorgan Chase & Co. and Morgan Stanley are global coordinators on the IPO. ABG Sundal Collier, Citigroup Inc. and Jefferies Financial Group Inc. are joint bookrunners.
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