Northzone portfolio company Asetek has completed its initial public offering with its shares listed on the main list of the Oslo Stock Exchange under the trading symbol “ASETEK”.
After a prompt road show and an oversubscribed offering, Asetek, a manufacturer and marketer of thermal management solutions used in computers and data centre servers, has raised approximately USD25m in gross proceeds, reaching a market capitalisation of USD93m.
The net proceeds to the company resulting from the offering will primarily be used to support Asetek’s efforts within the data centre business where the company expects strong growth going forward.
Northzone general partner Gregers Kronborg says: ”Asetek has demonstrated outstanding innovative talent over the past years, and has achieved commercial leadership within the computer cooling segments it has addressed. Recently Asetek has packaged all its old and new innovations into a data center solution portfolio that I think will soon become a market standard. I am so proud of the persistence of the Asetek team. They are making a great contribution to the industry.”
Northzone was the leading institutional investor in Asetek, having invested in the company from its A round. Northzone took the chairmanship during the early years as the company was internationalised, working with the team on developing and executing the go-to-market strategy. Northzone helped recruit the current chairman Sam Szteinbaum, and suggested and supported the IPO on Oslo Stock Exchange.
André S Eriksen, chief executive officer of Asetek, says: “We are very pleased with the response we have received from the investors and that we have reached this important milestone in the Company’s development. The support from existing and new investors will enable us to pursue our ambitious growth strategy that we have been presenting and the listing on the Oslo Stock Exchange will be a first step in what we foresee as an exciting journey ahead.”
Carnegie AS and Arctic Securities ASA acted as joint-lead managers and joint bookrunners in connection with the Offering. Crux Kommunikasjon AS acted as IR/communications adviser.
