Carnegie acted as Sole Global Coordinator and Bookrunner in IPO of Spinnova

Spinnova Plc (“Spinnova” or the “Company”), a company that has developed a sustainable production technology for a transformative, new textile fibre known as SPINNOVA® fibre, announced on June 23, 2021 the outcome of the initial public offering (“IPO” or “Offering”) and listing of its shares on Nasdaq First North Growth Market Finland. Demand in the Offering was very strong from Finnish and international investors and the Offering was oversubscribed multiple times over. In the Public Offering, subscriptions were received from over 22,000 investors. Trading on Nasdaq First North Growth Market Finland commenced on 24 June 2021.

The Offering in Brief:

  • The price per share in the Offering was EUR 7.61, corresponding to a total market value of the outstanding shares in Spinnova of approximately EUR 390 million, including the new shares that are issued in connection with the Offering
  • As part of the Offering, the Company issued 13,140,605 new shares, corresponding to approximately 25.6 percent of the total number of the outstanding shares after the Offering
  • In order to cover any over-allotment in connection with the Offering, The Company has also granted the Global Co-ordinator the right to subscribe for a maximum of 1,971,090 Shares solely to cover over-allotments in connection with the Offering (the “Over-Allotment Option”)
  • Spinnova will receive gross proceeds of approximately EUR 115 million from the Offering assuming that the Over-Allotment Option will be exercised in full
  • In connection with the Offering, The Company, the Board of Directors of the Company and the management team have committed to lock-up agreements of 360 days, and shareholders who own more than 5 per cent of the total number of Shares or votes vested by the Shares are expected have committed to lock-up agreements of 180 days
  • Trading on Nasdaq Helsinki commenced on 24 June 2021, under the ticker “SPINN”

About Spinnova

Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as textile or food waste, without harmful chemicals. The patented SPINNOVA® fibre creates 0% waste or side streams, 0% microplastics and has minimal CO2 emissions and water use. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood.

Carnegie acted as Sole Global Coordinator and Bookrunner in connection with the IPO