Zwipe raises NOK 120M with market listing expected later this month
Zwipe has successfully raised NOK 120 million (US$14 million) in a substantially over-subscribed new share offering ahead of its planned admission to the Oslo Bors Merkur Market, the company has announced.
The previously announced offering included 6 million new Zwipe shares offered at a price of NOK 20. The pre-money valuation of the company was NOK 189 million ($22 million), according to the announcement.
The offering attracted strong interest from institutional and professional investors, as well as the general public in Sweden and Norway, Zwipe says. Three-quarters of the shares were subscribed for by Zwipe’s board of directors, large shareholders including Chairman Jörgen Lantto and principal owner and board member Lars Windfeldt, and new institutional and professional investors. The remaining 1.5 million shares were offered to existing shareholders and the general public, and this retail tranche was over-subscribed by multiple times. All investors from the general public who applied received shares, and about 2,300 investors acquired shares in Zwipe from the offering.
“Zwipe is at the forefront of a global shift towards more secure and convenient contactless payments and the market is primed for growth,” comments Zwipe CEO André Løvestam. “We are confident that our industry leading technology and partnerships will secure a strong market position both in the short and long-term. Thanks to the new funding received, we can intensify our efforts to support our customers and partners in Making Convenience Secure.”
“The capital raise and subsequent admission to trading at Merkur Market are important milestones for Zwipe, as the company seeks to capitalize on its strong position in the biometric payment marketplace and as the payment industry moves towards bringing biometric payment cards to consumers,” Chairman of the Board of Zwipe Jörgen Lantto says. “We would like to thank our existing shareholders for their continued support and welcome all new shareholders to Zwipe.”
Zwipe expects to be listed on Merkur Market on or around January 25, after its approval by the Oslo Bors, with trading beginning around January 28.
The company also received a €2.3 million (US$2.6 million) grant from the Horizon 2020 program in December to fund its scale-up and commercialization efforts. 2019 is expected to be a pivotal year for biometric payment cards, as trials are followed by commercial launches.