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.