Solar tech co Midsummer wraps up oversubscribed IPO

Image by Midsummer.

June 21 (Renewables Now) - Swedish solar technology company Midsummer AB on Thursday listed on Nasdaq First North Stockholm after completing a heavily oversubscribed initial public offering (IPO).

The firm issued SEK 100 million (USD 11.2m/EUR 9.7m) in new shares and its offer was oversubscribed by 400%. Trading under the symbol “MIDS” starts today.

The IPO will support Midsummer’s growth, including plans for an expansion of the firm’s production capacity of the DUO thin film solar manufacturing system, and the launch of the building-integrated photovoltaics (BIPV) metal roof product Clix, said CEO and co-founder Sven Lindström.

Midsummer says the DUO system is the most widely spread manufacturing tool for flexible CIGS, or copper indium gallium (di)selenide, solar cells globally. The roof product, on the other hand, was launched in partnership with Swedish Metal roofing company Clix Steel Profile AB in 2017.

The profit before tax in 2017 jumped by 135% to SEK 24.5 million, while revenues were up by 94% to SEK 115 million.

G&W Fondkommission acted as financial adviser in connection to the IPO and Midsummer’s Certified Adviser at Nasdaq First North Stockholm.

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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