Adidas-Backed Spinnova Prices IPO with Initial Market Capitalization of EUR390 Million
June 23 2021 - 9:01AM
Dow Jones News
By Ian Walker
Finnish sustainable textile material company Spinnova Oyj has
priced its initial public offering, implying a market
capitalization of 390 million euros ($465.8 million) when it starts
trading on the Nasdaq Helsinki First North Growth Market.
Spinnova has set its pricing at EUR7.61 a share. The company has
raised EUR100 million of new money as part of its IPO, which could
increase to EUR115 million if an over-allotment option is exercised
by Carnegie Investment Bank AB, which is acting as stabilizing
manager.
Trading in the company's shares is expected to start on June
24.
Spinnova Oyj said earlier this month that Adidas AG had agreed
to invest EUR3 million in the company's initial public offering. It
said at the time that Spinnova has a continuing collaboration with
Adidas and the investment secures access to significant volumes of
Spinnova materials in the future.
Spinnova has developed technology to make textile fiber out of
wood or waste, such as leather, textile or food waste, without
harmful chemicals.
It said its patented Spinnova fiber creates zero waste and side
streams or microplastics, and involves minimal CO2 emissions and
water use.
The company's cornerstone investors include certain funds
managed by entities owned by Aktia Bank PLC, certain funds managed
by WIP Asset Management Ltd, certain funds managed by DnB Fund
Management, Ilmarinen Mutual Pension Insurance Company, certain
funds managed by Pareto Asset Management, certain funds managed by
Sp-Fund Management Company Ltd and adidas Ventures BV.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 23, 2021 09:47 ET (13:47 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Adidas (QX) (USOTC:ADDYY)
Historical Stock Chart
From Apr 2024 to May 2024
Adidas (QX) (USOTC:ADDYY)
Historical Stock Chart
From May 2023 to May 2024