The bell is ringing for the e-commerce retailer and golf chain Dormy as they on Thursday begin trading their shares on Nasdaq First North Premier Growth Market.
After a growth journey of over 30 years, the company is now testing its wings in a public environment, and the market appears obviously hungry for the concept. Ahead of the premiere, the subscription price was set at 70 Swedish krona per share, which is said to give the entire company a valuation of 1.05 billion Swedish krona.
“Today is an important milestone in Dormy’s more than 30-year history. Interest in Dormy and the Offering has been high, and I am very pleased to welcome 5,000 new shareholders. The listing gives us a broader ownership base and creates good conditions to continue developing our customer offering and growing both in our existing markets and in the rest of Europe. I would like to thank our employees, customers, suppliers and new and existing shareholders for their trust and look forward to the next chapter for Dormy as a listed company,” says Anders Wall, CEO of Dormy.
Rush for the Shares
According to the company, the offer was oversubscribed several times over by both institutional investors and the general public. In pure financial Swedish, this means that the interest in buying shares was greater than the number of shares available, which often bodes well for a flying start when the market finally opens its doors.
Several prominent names are already said to have taken a place on the ownership list. Players such as Carnegie Fonder, Cicero Fonder and the Hielte family have entered in advance and acquired shares for a total of 105 million Swedish krona.
Cash Registers Ringing for the Sellers
Dormy is not issuing any new shares to raise fresh capital in this round, but it is the major shareholder Stymie Invest AB that is selling part of its existing shares. That deal is worth approximately 435 million Swedish krona.
As an extra incentive for its new shareholders, Dormy is launching a completely new incentive. Anyone who owns at least 200 shares will receive a permanent 10 percent discount on purchases, both in e-commerce and in the twelve physical stores in Sweden.