Minesto, a Swedish wave energy developer, has started trading its shares on First North at NASDAQ Stockholm today, November 9, 2015.
The issue price for Minesto’s shares was set at SEK 5.60 ($0.64) per unit, and according to Di.se, a financial news portal, Minesto’s share price rose to SEK 7.20 ($0.83) per share in the first hour and a half of trading, which is an increase of 28% from the issue price.
Anders Jansson , CEO and Co-Founder of Minesto, said: “The initial public offering (IPO) completes the strategy to have a fully funded business plan to commercialize our product and offer. I am proud of the accomplishment we have achieved and look forward to bringing additional value to all our new shareholders.”
Adam Kostyál , Senior Vice President and Head of European listings at NASDAQ, added: “We welcome Minesto to NASDAQ and to our First North market. The renewable energy sector is a rapidly growing field, and we look forward to supporting Minesto on their continued journey as a publicly traded company.”
Minesto has appointed G&W Fondkommission as the Certified Adviser, and the company is listed on NASDAQ as MINEST.
To remind, Minesto recently secured SEK 145 million (€15.5 million) and attracted 2,500 new shareholders following the issue of new shares.
The company announced that with the securing of this funding, it ensured a fully funded business plan for the development of its Deep Green wave energy technology.
Image: Minesto