Business

AutoStore, Norway’s largest IPO in 20 years, worth $ 12.4 billion

File Photo: A woman passing by the Oslo Stock Exchange building in Oslo, Norway, on February 12, 2019. REUTERS / Gwladys Fouche

October 20, 2021

By Gwladys Fouche and Supantha Mukherjee

Oslo (Reuters)-Norwegian robotics firm AutoStore set its initial public offering (IPO) price at a target range of 31 Norwegian crowns per share on Wednesday, bringing the company to 103.5 billion crowns ($ 12.4 billion). He said he evaluated it.

SoftBank-backed AutoStore will be Norway’s most valuable new listing for 20 years, which will open on Euronext’s Oslo Stock Exchange later Wednesday.

The company raised 2.7 billion crowns in cash through the issuance of new shares, and existing owners such as Thomas H. Lee Partners and EQT sold 15.3 billion crowns worth of shares.

“The money we get from the IPO is primarily used to deleverage debt to a more normal level for publicly traded companies,” CEO Karl Johann Liar told Reuters.

He plans to reduce the leverage ratio from the current 5 to 6 ratio to about 2.5.

After the IPO, the free float of AutoStore shares will be about 17.4% of the total shares.

Founded in 1996, AutoStore deploys 20,000 robots in more than 35 countries to automate warehouses. With customers from ASDA, Gucci and Lufthansa, the company uses robots to store and acquire products, allowing customers to store four times as much inventory in the same space.

In April, Softbank of Japan bought a 40% stake in a Norwegian company for $ 2.8 billion at https://www.reuters.com/article/us-softbank-group-autostore-idUSKBN2BS1YC, and the value of AutoStore at that time was It was about $ 7 billion. Softbank did not sell its shares at the IPO.

“SoftBank is a very good partner and ready to help attract more attention in the APAC region. This relationship due to the large network of companies that have the potential to become AutoStore customers. There are many possibilities, “says Lier.

AutoStore is Norway’s most valuable new listing since Statoil debuted in 2001. Now known as Equinor, it was valued at 151 billion crowns at the time of the IPO.

Four key investors, Alecta Pensionsforsakring, FIL Investments, Mawer Investment Management and WCM Investment Management, have each promised to invest $ 200 million prior to the IPO.

AutoStore reported net revenue of $ 182.1 million last year, expected revenue of about $ 300 million in 2021, increased to more than $ 500 million in 2022, and $ 3.4 billion over 2,000 projects. I have a pipeline.

Bankers from Carnegie, JP Morgan, Morgan Stanley, ABG Sandals Collier, Citigroup, Jeffreys, Mizuho, ​​Spare Bank 1 Market and Moelis were involved in the transaction.

($ 1 = 8.3474 Norwegian krone)

(Report by Terje Solsvik and Gwladys Fouche, edited by Richard Pullin and Stephen Coates)



AutoStore, Norway’s largest IPO in 20 years, worth $ 12.4 billion

Source link AutoStore, Norway’s largest IPO in 20 years, worth $ 12.4 billion

Back to top button