Adidas-Backed Spinnova Prices IPO with Initial Market Capitalization of EUR390 Million

By Ian Walker

Finnish sustainable textile material company Spinnova Oyj has priced its initial public offering, implying a market capitalization of 390 million euros ($465.8 million) when it starts trading on the Nasdaq Helsinki First North Growth Market.

Spinnova has set its pricing at EUR7.61 a share. The company has raised EUR100 million of new money as part of its IPO, which could increase to EUR115 million if an over-allotment option is exercised by Carnegie Investment Bank AB, which is acting as stabilizing manager.

Trading in the company's shares is expected to start on June 24.

Spinnova Oyj said earlier this month that Adidas AG had agreed to invest EUR3 million in the company's initial public offering. It said at the time that Spinnova has a continuing collaboration with Adidas and the investment secures access to significant volumes of Spinnova materials in the future.

Spinnova has developed technology to make textile fiber out of wood or waste, such as leather, textile or food waste, without harmful chemicals.

It said its patented Spinnova fiber creates zero waste and side streams or microplastics, and involves minimal CO2 emissions and water use.

The company's cornerstone investors include certain funds managed by entities owned by Aktia Bank PLC, certain funds managed by WIP Asset Management Ltd, certain funds managed by DnB Fund Management, Ilmarinen Mutual Pension Insurance Company, certain funds managed by Pareto Asset Management, certain funds managed by Sp-Fund Management Company Ltd and adidas Ventures BV.

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(END) Dow Jones Newswires

June 23, 2021 09:47 ET (13:47 GMT)

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