Evli acted as Lead Manager in the EUR 20 million IPO of the Finnish FinTech group Fellow Finance. The IPO was successfully completed and trading in the company’s shares on Nasdaq First North Helsinki began on October 10, 2018. The valuation of all the company’s shares, based on the subscription price of the institutional and the public offering, was approximately EUR 55 million immediately following the IPO.
The IPO was structured as a share issue, whereby the company received gross proceeds of ca. EUR 10 million, and a share sale, whereby certain old shareholders sold shares valued at ca. EUR 10 million. The IPO was 2.2 times oversubscribed. The total number of shareholders will increase to over 2,800 shareholders.
Fellow Finance specialises in offering financing and investing solutions that are an alternative to traditional bank financing. The service most central to the company’s business is the leading Nordic loan-based crowdfunding and peer-to-peer lending platform maintained by the company. The company has facilitated peer-to-peer loans to consumers as well as loan-based crowdfunding and invoice financing to businesses in a total amount of more than EUR 300 million, servicing nearly 430,000 clients. Borrower clients are currently serviced in four countries, and investor clients come from ca. 50 different countries.
The company forecasts that net sales in 2018 will exceed EUR 12 million and operating profit to be EUR 3.1 – 3.6 million.
More information regarding Fellow Finance can be found on Fellow Finance’s website.
For more information, please contact:
Olli Kangasniemi, Evli Bank Plc, Corporate Finance, tel. +358 40 579 6210
Björn Danker, Evli Bank Plc, Corporate Finance, tel. +46 73 022 4482
Sebastian Seppänen, Evli Bank Plc, Corporate Finance, tel. +358 50 544 0645