Carnegie has achieved its best six months ever, having helped its clients raise over USD 7 billion in 34 IPOs thus far in 2021. This makes us the advisor with the most IPOs across Europe for the first half of 2021. This compares to 2020, when Carnegie advised on the most ECM deals in the European market for the full year.
‘We are very grateful to be able to raise substantial amounts of growth capital for Finnish companies with global potential, as well as provide wider investor universe access to excellent private companies via listing’.Tommi Kaltio, Head of Investment Banking in Finland
Tony Elofsson, Nordic Head of ECM, comments on the market conditions.
‘We are truly humbled to have advised so many inspiring and successful companies on their initial public offerings to the Nordic stock market. The Swedish stock market is one of Europe’s best performers and Carnegie has raised a total of USD 4.8 billion for Swedish companies so far this year, which is the most IPO proceeds since the first six months of 2000. Carnegie’s H2 IPO pipeline is strong, and we expect the high transaction activity in all our product groups including M&A, DCM and Private Placements to continue to thrive.’
Petter J. Hagen, Head of Investment Banking in Norway, commented on the improvement of the market position in Norway.
‘A number of attractive M&A sell-side mandates in combination with continued high ECM activity in in the first half of 2021, has contributed to a further strengthening of our market position in Norway. So far this year, we have been involved in transactions raising a total amount of approximately USD 3 billion, including 11 IPOs and listings.
Jacob Bastholm, CEO & Head of Investment Banking in Denmark, commented on the revival of the Danish IPO market.
‘We are proud to have broken the drought of main market IPO’s in Denmark with the two highly successful IPOs of GHS and Trifork. The IPOs were pivotal in helping them continue their growth journeys in respectively green hydrogen electrolysis systems and Nextgen IT services. We have seen that several other companies have been inspired by the successes and are now dedicated to evaluating this route.’
Selected IPOs in the first half of 2021:
SEK 8.4 billion Vimian IPO
Carnegie was Joint Global Co-ordinator and Joint Bookrunner in the IPO of Vimian on Nasdaq First North Growth Market on the 18th June 2021. Vimian is a global, fast-growing, and innovation-driven animal health business, offering products, services and solutions to veterinary professionals, labs, and pet parents around the world. Cornerstone investors, including SEB Investment Management AB, Swedbank Robur Fonder and Clients Kapitalförvaltning AB, acquired shares in the offering corresponding to an amount of approximately SEK 5.1 billion.
DKK 1,226 million Trifork IPO
Carnegie acted as Joint Global Co-ordinator and Joint Bookrunner in the initial public offering of Trifork on Nasdaq Copenhagen. Trifork is an international next-generation IT and business services provider that develops innovative software solutions. The group was founded in Denmark in 1996 and now has more than 800 employees in 49 business units. Trifork focuses on three vertical business areas: Digital Health, FinTech and Smart Buildings and three horizontal business areas: Cloud Operations, Cyber Protection and Smart Enterprise.
Cornerstone investors in the IPO were Ferd, Chr. Augustinus Fabrikker, Danica Pension, Investering & Tryghed and Spar Nord Bank making up a total commitment of DKK 600m.EUR 115 million
Carnegie acted as Sole Global Co-ordinator and Bookrunner in the initial public offering of Spinnova on Nasdaq First North Growth Market Finland. Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough technology for making textile fiber out of wood or waste, such as textile or food waste, without harmful chemicals.
Funds managed by entities owned by Aktia Bank plc, WIP Asset Management Ltd, DnB Fund Management, Ilmarinen Mutual Pension Insurance Company, Pareto Asset Management and Sp-Fund Management Company Ltd committed to subscribe for shares in the Company amounting to EUR 55 million.
NOK 1.2 billion SmartCraft IPO
Carnegie acted as Joint Global Co-ordinator and Bookrunner in he SmartCraft offering, which attracted a range of high-quality Nordic and international investors, including Capital World Investors, Carnegie Fonder AB and Handelsbanken Fonder AB that acted as cornerstone investors in the IPO.
SmartCraft is the leading Nordic provider of mission-critical SaaS solutions to SME’s in the construction sector. The company’s business model is highly scalable, based on 94% recurring revenue and low churn. The construction sector is among the least digitalized industries and represents a NOK 10bn software market in the Nordics, growing at a double-digit rate. SmartCraft’s solutions help customers to increase their productivity, margins, and resource efficiency.
SEK 2.8 billion RevolutionRace IPO
Carnegie was Joint Global Co-ordinator and Joint Bookrunner in the IPO of RevolutionRace on Nasdaq Stockholm on the 16th June 2021. RevolutionRace is a profitable and rapidly growing company that offers high-quality outdoor apparel for an active lifestyle to a global and wide customer base through a D2C model. Cornerstone investors, including BlackRock Inc, Capital World Investors and Handelsbanken Fonder AB, acquired shares in the offering corresponding to an amount of approximately SEK 1.4 billion.
Carnegie has been the advisor of choice for a number of recent American-style Special Purpose Acquisition Vehicles, including APAC which listed on Nasdaq Stockholm on 26th May and the business services-focused special purpose acquisition company, TBD30, which commenced trading on Thursday 24th June.
Read more about all the transactions that Carnegie have completed in the first half of the year at: https://www.carnegie.se/transaction/