September 29 (SeeNews) - Swedish marine energy firm Minesto AB said on Tuesday it will apply for an initial public offering (IPO) on First North at NASDAQ Stockholm to raise up to SEK 112 million (USD 13.3m/EUR 11.8m).
The company, which has estimated its total value prior to the move at SEK 200 million, intends to use the net proceeds from the listing to finance the commercialisation of its Deep Green (DG) underwater kite technology, it said in a press release.
Minesto plans to offer to the public in Sweden up to 17,000,000 units, consisting of a share and a warrant, at an issue price of SEK 5.60 apiece. The company’s main owners, Midroc New Technology and BGA Invest, have already pledged to subscribe for some EUR 6.3 million (USD 7.1m) worth of shares, while the rest of the issue is secured through a guarantee consortium syndicated by G&W Fondkommission. A possible over-allotment of up to 3,000,000 units could fetch a further EUR 1.8 million to the guaranteed amount for a total of EUR 11.8 million gross.
The subscription period will start on September 30 and will end on October 21, 2015. Assuming that the IPO application is approved, Minesto expects its shares to begin trading on the bourse on November 9, 2015.
Meanwhile, the firm also plans an additional unit issue up to EUR 10.8 million directed towards European institutional investors, it said in its statement.
During last year, the company secured investments of EUR 16.5 million from the Welsh government and KIC InnoEnergy. “This combined with the increased global interest in our products, the board and the management has decided that a listing is the next step in the development of the company,” commented CEO Anders Jansson.
Minesto pointed out it has invested over EUR 20 million in the development of its patented technology since 2006. A Deep Green plant has been generating electricity from tidal and ocean currents off the coast of Northern Ireland for more than two years now, it said, adding it is now ready to become one the first firms in the world to deploy a commercial marine power array.
The ultimate goal is to have a 10-MW plant operational in 2019.
(SEK 10 = USD 1.188/EUR 1.057)