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The green newcomer’s price increase on the first day on the stock exchange is among the largest in history, according to chief investment officer Robert Næss. Founder Bjørgulf Haukelidsæter Eidesen received a paper profit of 225 million.
Founder Bjørgulf Haukelidsæter Eidesen is also the largest owner, board member and director of Horizon Energy.
Horizon Energy
Horizon Energy took the step from the beginning on the first day of trading in the Euronext Growth market.
Investor appetite more than quintupled to 100 crowns when trading opened on Wednesday, before dropping again to 63 crowns.
The increase ended at more than 230 percent on the first trading day.
The first-day price increase is among the largest in history, according to chief investment officer Robert Næss, who has calculated the first-day trading performance for startups on the stock exchange.
– I think you are completely ill, says Næss, who has been a pronounced skeptic about the price gallop of many new companies on the stock exchange.
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Triple value
The price of the Stavanger company has accelerated on the way to the stock market.
- Between Christmas and New Years, the company raised NOK 150 million investors at a price of NOK 19. The price of the company was 300 million.
- Today, investors in the stock market place a value of close to 1 billion NOK on Horizon, which is more than triple.
The increase is joining the ranks of companies that have risen dramatically when they go public, including startups that run on hydrogen, wind power and other green areas.
– It is part of a pattern with many companies on the Oslo Stock Exchange and internationally receiving high prices, says Næss.
– Some of these companies may make it happen, but most do not want it when it is as easy to get money in the market as it has been the last year and a half, he believes.
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When the market thinks that Spetalen’s two green investments have almost doubled, we can speak of euphoria
EXPERT SHARE: Robert Næss in Nordea.
Evid Senneset
Business profit of DKK 225 million
The recovery provides significant gains on paper for more investors.
Prior to listing, Horisont Energi raised NOK 150 million from, among others, Saga Pure, controlled by Øystein Stray Spetalen, Spetalen’s private company Tycoon Industrier, KLP and the QVT fund.
Founder Bjørgulf Haukelidsæter Eidesen is the largest owner with a 33 percent stake, a stake that gives him an unrealized gain of 225 million on the first trading day.
– It is a very good reception in the market. We have an exciting business plan and business areas with a bright future. The plans we have presented to the market can generate very good returns, says Eidesen.
– We have had a reasonable and prudent price in the issue. So we were hoping that it could lead to a price increase, as we see here. The increase is within what we have had as an estimate of the value of the company, he continues.
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Will develop an ammonia factory in Finnmark
Horizon Energy is marketed as having developed an “innovative blue ammonia value chain”, which involves the capture and storage of CO₂ that is produced during the production process.
Just before Christmas, the company announced that it had signed a letter of intent for the development of a large-scale carbon neutral ammonia factory in Finnmark in collaboration with Equinor.
According to Eidesen, the planned capital requirement is around NOK 300 million in the run-up to the investment decision in the first project – the ammonia factory in Finnmark.
– The project is underway. We are working on that. There will be a need for more capital at the time of the investment decision.
Since the start in August 2019, NOK 20 million had been invested in the company, before raising capital of NOK 150 million, according to Eidesen.
– We are very satisfied with the response and we believe that it is good that there is a good interest in the company among investors. We greatly appreciate the interest we have received, says Eidesen.
