AutoStore seeks to raise $315 million in one of Norway’s largest IPOs By Reuters
By Supantha Mukherjee and Terje Solsvik
STOCKHOLM/OSLO (Reuters) – SoftBank-backed robotics firm AutoStore said on Tuesday it seeks to raise $315 million by listing on the Oslo Bourse for an initial public offering (IPO) at a valuation that could make it Norway’s largest stock launch in two decades.
In April, SoftBank bought https://www.reuters.com/article/us-softbank-group-autostore-idUSKBN2BS1YC a 40% stake in the Norwegian company for $2.8 billion, valuing AutoStore at about $7 billion. EQT (NYSE 🙂 and Thomas H. Lee Partners are two of its investors.
AutoStore did not disclose its expected valuation, but based on its last funding round the company could top Adevinta’s $6.20 billion IPO in 2019 and also become the largest since the 2001 listing of Statoil (OL:), now known as Equinor.
According to a source, the company could be valued at around $10 billion by the IPO.
AutoStore was founded in 1996 and has over 20,000 robots that are deployed throughout 30 countries. These robots automate warehouse operations. Customers can store up to four times more inventory with the help of the robots that the company uses to retrieve and store products densely.
ASDA and Gucci are among the company’s customers. The proceeds will be used to lower debt, grow and let investors sell their shares.
AutoStore anticipates total revenues of $300 million to $500 million by 2021, and more than 500 million dollars in 2022. It has a $3.4 billion project pipeline with over 2000 projects. The company reported $182.1million in net revenue last year.
It is anticipated that the IPO will be listed in October.
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