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AutoStore IPO for $1.8 billion. — one of the largest in Norway

Byadmin

Oct 9, 2021
AutoStore IPO for $1.8 billion. — one of the largest in Norway

The company is asking for venture capital funding of $315 million.

AutoStore intends to raise $315 million by issuing up to $1.5 billion in existing shares, according to a statement made on Friday. AutoStore’s IPO price might be as high as 103.4 billion kroner.

The initial public offering is identical to that of Telenor ASA.

The stock offering would compete with Telenor ASA’s 15.6 billion kroner IPO in 2000, which was one of the largest in Oslo history, according to Bloomberg. The underwriters may issue further shares if sufficient demand exists, bringing the total deal size for AutoStore to 17.8 billion kroner.

AutoStore, a warehouse robot firm founded in 1996, creates robots capable of both storing and retrieving merchandise. As a result of the coronavirus restrictions, demand for the company’s products has surged, resulting in an increase in online orders. According to AutoStore, sales surged by 88 percent to about $150 million in the first half of 2021.

Until October 19th, the company will offer shares for 27 to 31 kroner each, after which bidding on the new stock will commence the next day. Two of the four investors who have committed to buy shares in the 6.9 billion crown IPO are Fidelity International and Mawer Investment Management.

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