Business & Investment

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

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

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 (NYSE :) sold shares worth 15.3 billion crowns.

“The money from the IPO will be used primarily 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 … they have a large corporate network that has the potential to become AutoStore customers. So there are many possibilities for this relationship, “says Lier.

AutoStore is Norway’s most valuable new list since its debut in 2001. Equinor (OL :), now known as Equinor, 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.

Carnegie, JP Morgan, Morgan Stanley (NYSE :), ABG Sundal Collier, Citigroup (NYSE :), Jeffreys (NYSE :), Mizuho, ​​SpareBank 1 Markets, Moelis (NYSE :) were involved in the transaction.

($ 1 = 8.3474 Norwegian krone)

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

https://www.investing.com/news/stock-market-news/norways-autostore-valued-at-12-billion-countrys-biggest-ipo-in-two-decades-2648932 AutoStore, Norway’s largest IPO in 20 years, worth $ 12.4 billion by Reuters

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