Home Stock AutoStore seeks to raise $315 million in one of Norway's largest IPOs

AutoStore seeks to raise $315 million in one of Norway’s largest IPOs

imageStock Markets54 minutes ago (Sep 28, 2021 04:41AM ET)

(C) Reuters. FILE PHOTO: A woman walks past the Oslo Stock Exchange building in Oslo, Norway February 12, 2019. REUTERS/Gwladys Fouche/File Photo

By Supantha Mukherjee and Terje Solsvik

STOCKHOLM/OSLO (Reuters) – SoftBank-backed robotics firm AutoStore said on Tuesday it seeks to raise $315 million by listing on the Oslo Bourse for an initial public offering (IPO) at a valuation that could make it Norway’s largest stock launch in two decades.

In April, SoftBank bought https://www.reuters.com/article/us-softbank-group-autostore-idUSKBN2BS1YC a 40% stake in the Norwegian company for $2.8 billion, valuing AutoStore at about $7 billion. Thomas H. Lee Partners and EQT (NYSE:EQT) are among its other investors.

AutoStore did not disclose its expected valuation, but based on its last funding round the company could top Adevinta’s $6.20 billion IPO in 2019 and also become the largest since the 2001 listing of Statoil (OL:EQNR), now known as Equinor.

The IPO could give the company a valuation of around $10 billion, according to a source familiar with the matter.

Founded in 1996, AutoStore has 20,000 robots deployed across 30 countries to automate warehouse operations. The company also uses robots to densely store and retrieve products allowing customers to store four times the inventory in the same space.

The company, whose customers include ASDA, Gucci and Lufthansa, plans to use to proceeds to reduce debt, invest in growth and allow share sale by its investors.

AutoStore expects total revenue of about $300 million in 2021 and more than $500 million in 2022 with a project pipeline worth $3.4 billion across 2,000 projects. It reported a net revenue of $182.1 million last year.

The IPO is expected to be priced during October.

AutoStore seeks to raise $315 million in one of Norway’s largest IPOs

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Subscribe here


Must Read