First North Initial Public Offering
The path to green
Betolar Plc's Initial Public Offering has concluded and the outcome has been announced on 8 December 2021. Trading in the shares commenced in Nasdaq First North Growth Market Finland marketplace on 9 December 2021. Betolar received gross proceeds of approximately EUR 35 million from the Offering and over 4,300 new shareholders.
Thank you to everyone who participated in the IPO. Welcome to build a greener tomorrow with us!
From the Founder Juha Leppänen
Betolar is about scalable material technology
"The specialty of Geoprime solution is based on Betolar's deep scientific and industrial know-how as well as on the versatility and scalability of the solution. We are not a building material manufacturer, but a technological and service company.
Through our service platform, our latest technology and continuously developing know-how are continuously at our customers and their production processes' disposal. Our international industrial, commercial and scientific networks are at the core of our business.”
The Offering in Brief
The fixed subscription price of the shares was EUR 5.74 per share. In the offering, the company issued in a directed share issue 5,226,481 new shares at the subscription price and in addition issued 783,972 new shares, solely to stabilize and cover over-allotments.
In the offering 305,909 shares was allocated to private individuals and entities in Finland and 5,704,544 shares was allocated to institutional investors in Finland and internationally.
The subscriptions given in the public offering was accepted in full for up to 50 shares and, in excess of this amount, for approximately 6 percent of the given subscriptions.
In the institutional offering, the commitments to subscribe for shares made by Ilmarinen Mutual Pension Insurance Company, certain funds managed by SP-Fund Management Company Ltd, Ahlstrom Invest B.V., Nidoco AB, Seafarers' Pension Fund and S-Pankki Fenno Osake Sijoitusrahasto were accepted in full.
The company received gross proceeds of approximately EUR 35 million from the offering, and the total number of issued and outstanding shares in the company increased to 19,444,011 shares.
Trading in the company’s shares on First North commenced on 9 December 2021 with the trading code “BETOLAR”.
SEB acted as the Global Coordinator for the offering and as the company's certified adviser in accordance with the Nasdaq First North Growth Market Rulebook. Roschier, Attorneys Ltd. acted as the legal advisor to the Company whereas White & Case LLP was the legal advisor to the Global Coordinator. Functos Ltd and Superson Ltd were acting as communications advisors to the company.
29 Nov 2021 The subscription periods for the Public Offering and the Institutional Offering commenced
3 Dec 2021 The Public Offering was discontinued due oversubscription
7 Dec 2021 The Institutional Offering was discontinued due oversubscription
8 Dec 2021 The results of the Offering was published as a company release
8 Dec 2021 Registration of Offer Shares into the Finnish Trade Register
9 Dec 2021 The Shares subscribed for in the Public Offering will be recorded in the book-entry accounts of investors
9 Dec 2021 Trading in the Shares commenced on the First North marketplace maintained by Nasdaq Helsinki