Evli acted as Lead Manager in the EUR 11.3 million IPO of the Finnish software company Efecte Plc. The IPO was successfully completed and trading in the company’s shares on Nasdaq First North Helsinki began on December 8, 2017. The valuation of all the company’s shares, based on the subscription price of the institutional and the public offering, was approximately EUR 30.4 million immediately following the IPO.
The successful IPO was oversubscribed by a factor of 1.7. The public offering was 1.2 times oversubscribed and the institutional offering 1.9 times oversubscribed. The shares offered in the institutional offering, after the deduction of agreed minimum allocation to the cornerstone investors Kari Stadigh, Ilmarinen Mutual Pension Insurance Company, Aktia Asset Management Ltd and Aurator Asset Management Ltd, were oversubscribed by a factor of 2.8. The IPO was structured as a share issue, whereby the company received gross proceeds of approximately EUR 5.7 million, and a share sale, whereby some of the company’s shareholders sold shares valued at approximately EUR 5.7 million.
Efecte is a Finnish software company that provides cloud-based service and identity management software solutions through a SaaS business model, as well as related consultancy services. They simplify and improve the efficiency of managing the services, IT systems and infrastructure in an organization. Efecte is one of the leading software vendors in its field to large, medium-sized and public organizations in Finland and the Nordic countries. In addition to Finland, it has operations in Sweden, Denmark, and Germany. Efecte employs around 90 professionals and has increased its turnover on average by 20% p.a. (2013-2016). The company expects its turnover to be EUR 10.3 – 10.8 million in 2017.
For more information, please visit www.efecte.com.
For more information, please contact:
Olli Kangasniemi, Evli Bank Plc, Corporate Finance, +358 40 579 6210
Björn Danker, Evli Bank Plc, Corporate Finance, +46 73 022 4482