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A few minutes after the stock market opened, the stock was trading for approximately SEK 70, an increase of just over 9 percent compared to the established subscription price of SEK 64. The preliminary price range was SEK 60-68.
According to the company, the offer was “oversubscribed several times.” It appears from a press release in which the exact degree of subscription is not indicated.
“Interest in the offering has been very strong among Swedish and international institutional investors, as well as the general public in Sweden. The offer was oversubscribed several times, ”writes Pierce, a European e-commerce company for motorcycle and snowmobile equipment, parts, accessories and streetwear.
The newly issued shares will provide the company with approximately SEK 350 million before transaction costs.
The offering consisted of a total of 16.34 million shares, of which 5.47 million newly issued shares and 10.87 million shares sold by some of Pierce’s existing owners, including Procuritas Capital Investors, PCI V Co Investment and the founders of the company, Daniel Petersen and Stefan Rönn.
With the existing shares sold, the total value of the offering was SEK 1.2 billion, as the overallotment option is fully exercised.
The company had received underwriting commitments of SEK 460 million, corresponding to 38 percent of the offer.
“We believe that we are still at the beginning of the journey with Pierce and that thus far we have only scratched the surface of the potential that exists in the business model and within our market. Our organization and our customer offering are stronger than ever and we have several exciting activities underway to offer customers an even better shopping experience and strengthen the company’s leadership position, ”says CEO Henrik Zadig.
Carnegie Investment Bank was Single Global Coordinator and joint Bookrunner, while Nordea Bank was joint Bookrunner.
