Renewcell’s IPO And Listing on Nasdaq First North Premier Growth Market

Vinge advised Renewcell on the deal, while White & Case LLP advised Nordea Bank Abp, filial i Sverige and Pareto Securities AB.

Re:NewCell AB, being the first in the world to commercially offer a dissolving pulp for textile production manufactured from 100 per cent recycled textiles, announced the outcome of offering in connection to the listing of the Company’s shares on Nasdaq First North Premier Growth Market.

The Offering attracted very strong interest, both from institutional investors in Sweden and internationally as well as the general public in Sweden. The Offering was oversubscribed multiple times.

The Offering price was SEK 76 per share, corresponding to a total value of the Company’s outstanding shares of approximately SEK 1,541 million before the Offering and approximately SEK 2,341 million after the Offering.

The Offering comprised 10,526,316 new shares, and will provide the Company with approximately SEK 800 million before transaction costs. The total number of shares in the Company after the Offering amounts to 30,799,426.

To cover the over-allotment in the Offering, the shareholder Girindus Investments AB has undertaken, at the request of Nordea Bank Abp, filial i Sverige (“Nordea”), to sell another 1,578,947 existing shares, corresponding to approximately 15 per cent of the number of shares in the Offering (the “Over-allotment Option”). The Over-allotment Option thus amounts to approximately SEK 120 million.

The total value of the Offering amounts to approximately SEK 920 million if the Over-allotment Option is exercised in its entirety.

Funds managed by Capital World Investors, AMF Fonder AB, Handelsbanken Fonder AB on behalf of managed funds and Swedbank Robur, among other institutional investors have subscribed for shares in the Offering.

Trading in Renewcell’s shares commences today, 26 November 2020, on Nasdaq First North Premier Growth Market under the ticker “RENEW” and is conditional up to and including 27 November 2020. The settlement day is expected to be 30 November 2020.

Renewcell provides an alternative raw material for textile production that replaces resource-intensive material, such as cotton, or petroleum-based material, such as polyester. As far as is known, the Company is the first in the world to commercially offer a dissolving pulp for textile production manufactured from 100 per cent recycled textiles and has, thereby, succeeded in closing the loop for cellulose-based textiles (cotton or viscose) in an otherwise linear textile value chain.

The Vinge team included Christian Lindhé (Picture), Erik Sjöman, Ludvig Frithiof, Nora Gullberg, Henrik Ossborn and Jack Bengtsson, Anna Edström and Martin Svanberg as well as Maria Schultzberg.

The White & Case team which advised on the transaction was led by partner Rikard Stenberg (Stockholm) with support from partner Mikko Hulkko (Helsinki) and associates Christoffer Nilmén (Stockholm) and Benjamin Tuiskula (Helsinki).

Involved fees earner: Jack Bengtsson – Vinge; Anna Edström – Vinge; Ludvig Frithiof – Vinge; Nora Gullberg – Vinge; Christian Lindhé – Vinge; Henrik Ossborn – Vinge; Maria Schultzberg – Vinge; Erik Sjöman – Vinge; Martin Svanberg – Vinge; Mikko Hulkko – White & Case; Christoffer Nilmén – White & Case; Rikard Stenberg – White & Case; Ben Tuiskula – White & Case;

Law Firms: Vinge; White & Case;

Clients: Nordea Bank AB; Pareto Securities AS; ReNewCell AB;