When a bot storage company goes public, it’s also dripping from the constraints of advisors.
Autostore is planning one of the largest listings in Norway ever, and has hired an army of lawyers and brokerages inside and out for the job.
Rogaland, which has developed technology for robot bearings, announced more details about the listing on Friday.
Autostore Price Reaches 103 Billion Before Giant Listing
The listing documents indicate that the task of helping the bot stock exchange company and selling shares to the existing owners will also fill the coffers of the facilitators.
Nine financial advisors were hired, including Norwegian brokerages Carnegie, ABG Sundal Collier, Sparebank 1 Markets and foreign brokerages such as Morgan Stanley, JP Morgan and Citigroup.
Five law firms will provide legal advice, including Thommessen and Wiersholm.
E24 calculations show that the total fees for legal and financial advisors can reach a maximum of over NOK 700 million.
Portions of the invoice are paid by Autostore, but current owners must also be present at the sale at the company prior to listing.
It can handle 700 mills.
According to the document, the estimated total cost of Autostore is $39 million, equivalent to 330 million kroner. It is to help with listing and raising new shares.
Of this fee, $7.9 million will go to brokerages. It is based on a fixed and variable fee rate, which can be up to a maximum of 2.5 percent.
Autostore will raise NOK 2.7 billion in new capital, and will be left with NOK 2.37 billion after costs are paid.
Autostore-Hatteland collects 85 million for a new robot adventure
But more shares will also be sold, which will give a fee to advisors.
Current owners Thomas H. Lee Partners, EQT, Automate Investment, “some employees” and a former board member plan to sell shares worth NOK 10.8 billion to 12.8 billion in the deal.
Depending on the maximum fee rate and sales amount, this sale will cost Autostore owners up to NOK 320 million.
The facilitators were also given the option of over-allocation which could increase the number of shares in the offer by 15 per cent. If announced, the fee could increase by an additional amount of NOK 58 million given the maximum fee rate.
Multiply the values
Autostore’s value has skyrocketed in recent years.
In April, the Norwegian robot company was valued at NOK 65 billion in a deal in which Japan’s Softbank bought a 40 percent stake.
It has been more than four times the values since the previous major deal.
The company is now planned to be priced between NOK 90 and 103 billion when Autostore goes public.
Expect fewer and more initial public offerings: – Investors demand more mature companies
Autostore has gone through a decade of strong growth. The turnover increased from $3.8 million in 2010 to $182.1 million in 2020.
But the company also incurred a loss of $21.1 million last year.
From now on, the company expects strong growth. The goal is to achieve sales of about $300 million in 2021, and more than $500 million in 2022.
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