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On Thursday, technology company Play Magnus made its debut on Merkur Market on the Oslo Stock Exchange.
At the opening of the stock exchange, the price was NOK 24, NOK 3 above the issue price. Then, earnings coverage among investors began and the stock fell to around NOK 22 in the morning.
Throughout the afternoon, it fell further and ended at 17.9 crowns.
Play Magnus is based on the application of the same name, where users can play chess with an artificial intelligence that simulates world chess champion Magnus Carlsen at different ages. In recent years, Play Magnus has completed several acquisitions and mergers, and has dramatically expanded its product portfolio.
At a price of around NOK 24, the company’s market value was NOK 1.3 billion, more than double when they raised money in March this year and were valued at NOK 550 million.
However, when the first trading day ended, the market value dropped to NOK 940 million.
Good comeback
World chess champion and outsider, Magnus Carlsen, invested 120,000 crowns in the company that bears his name. It has made a good return.
It sold shares for NOK 25 million in connection with the issue and is now worth a record of around NOK 90 million.
Idekapital, the company of chairman of the board and original founder Anders Brandt, has shares worth more than 20 million, while manager Espen Agdestein has values of around 20 million.
– Not very time consuming
Carlsen himself is at a chess tournament in Stavanger, but before the stock market opened, he told DN that he still won’t become a full-time investor entirely:
– Of course, I mainly focus on playing chess, but I have good contact with the management both directly and through my father Henrik, who is a member of the board of Play Magnus.
Magnuschess as, Carlsen’s company in which the father owns 15 percent, has had a total profit of NOK 80 million before tax since 2007. Carlsen’s values in Play Magnus as have long exceeded this amount. You don’t care that the professional jacket can become significantly less profitable in the long run:
– I am a chess player and I am motivated to compete and develop in the sport, so that is definitely the most important thing for me. Money has never been my main motivation and it will not affect my chess career, says Carlsen.
So far, it is ok to combine.
– Fortunately, we have a very skilled administration and staff at Play Magnus, so what I contribute, beyond the game of chess, does not take much time, says Carlsen. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content may only be done with written permission or as permitted by law. For more terms, see here.
