Better Collective targets June 8 for Nasdaq Stockholm launch

Better Collective has said it is hoping to launch shares on the Nasdaq Stockholm stock exchange by June 8, as part of its initial public offering (IPO).

Earlier this month, Better Collective announced plans to proceed with an IPO in order to promote its development and growth through improved access to the capital market, as well as to diversify its shareholder base.

The offering will be made to the public in Sweden and to institutional investors both in the country and abroad, with its shares to be set within a price range of SEK48 (€4.65/$5.38) and SEK58 each.

Better Collective said this corresponds to a total value of all outstanding shares of between approximately SEK1.3bn and SEK1.6bn before the offering.

The offering will comprise of sales of newly issued shares and, should it be fully subscribed, existing shares.

Better Collective also noted that if the offer is fully subscribed at the midpoint of the price range, this will correspond to around 29% of all outstanding shares in the firm under the IPO.

Under the same conditions, but with the offering being increased in full and an over-allotment option being exercised, the offering will correspond to around 40% of all outstanding shares in the company following the IPO.

Better Collective expect to raise SEK600m before deduction of transaction costs, but should the over-allotment option be exercised, this would increase the total by a further SEK116m.

In addition, certain board members have agreed to acquire shares in the offering, corresponding to a total of SEK39.5m.

Better Collective shares will trade under the symbol ‘BETCO’ in Stockholm.

Related article: Better Collective plans Nasdaq Stockholm listing