Thin-film photovoltaic cell production equipment maker Midsummer goes public
Midsummer says that the share issue was 5x oversubscribed, indicating high demand.
Swedish solar energy technology company Midsummer (Stockholm, Sweden) has made an initial public offering (IPO) and its shares are now listed on Nasdaq First North Stockholm. As part of the IPO, the company issued new shares valued at SEK 100 million (USD 11.5 million; EUR 9.8 million) and the share offer was oversubscribed by 400%.
Midsummer makes production equipment for thin-film copper-indium-gallium-selenium (CIGS) photovoltaic cells and building-integrated photovoltaics (BIPV).
"The IPO also gives us financial muscles for our planned rapid expansion, including increased production capacity of the company's flagship DUO thin film solar cell manufacturing system, as well as the launch of Clix by Midsummer – a PV integrated metal roof," says Sven Lindström, CEO and cofounder or Midsummer.
The IPO follows the announcement of a record financial year (2017) during which revenues and profits doubled, as they did in 2016, mainly thanks to several new orders for the company's compact DUO thin-film solar-cell manufacturing system.
Listing is expected to commence on June 21 at the Nordic region's tech stocks marketplace. Midsummer's ticker code is MIDS and the company's shares can now be traded at Nasdaq First North Stockholm, Nasdaq's European growth market designed for small and growing companies. Nasdaq First North Stockholm has more than 130 listed companies and has become a hub for Nordic technology innovators.
Last year, Midsummer established a strategic production partnership with the Swedish roof manufacturer Clix for the launch of "Clix by Midsummer," a plug-and-play roofing system with integrated solar panels, which has added a second business area to Midsummer.
G&W Fondkommission is Midsummer's financial adviser in connection to the IPO and the company’s Certified Adviser at Nasdaq First North Stockholm.