Zwipe raises $14 mn in share offering
21 January 2019 16:29 GMT

Zwipe announces that it has successfully raised NOK 120 million (USD 14 million) in the offering of new shares ahead of a planned admission to trading on Merkur Market, Oslo Børs. The offering was substantially over-subscribed attracting strong interest from institutional and professional investors as well as the general public in Norway and Sweden.
 
As previously announced, the offering comprised a total 6,000,000 new shares in Zwipe at a price per share of NOK 20, corresponding to NOK 120 million (USD 14 million). 

The pre-money valuation of the company was NOK 189 million (USD 22 million)
In accordance with their pre-commitments, Zwipe’s board of directors, large shareholders including Jörgen Lantto (Chairman) and Lars Windfeldt (principal owner and board member), and new institutional and professional investors have subscribed for a total of approximately 4.5 million shares for a total of NOK 90 million (USD 10.5 million)

The retail tranche, consisting of approximately 1.5 million new shares corresponding to NOK 30 million (USD 3.5 million), offered to existing shareholders in the company and to the general public in Norway and Sweden, was multiple times oversubscribed
Approximately 2,300 investors have been allocated shares in Zwipe.

All investors who have applied for acquisition of shares in the offering to the general public in Sweden and Norway have been allocated shares Zwipe has applied for admission to trading of the shares on Merkur Market and it is expected that Oslo Børs will approve the listing application of the company on or about 25 January 2019
Trading in the Zwipe share is expected to commence on or about 28 January 2019. 

Commenting on the capital raise André Løvestam, CEO of Zwipe, said “Zwipe is at the forefront of a global shift towards more secure and convenient contactless payments and the market is primed for growth. 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 inMaking Convenience Secure.”
 
Commenting on the capital raise Jörgen Lantto, Chairman of the Board of Zwipe, said “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. We would like to thank our existing shareholders for their continued support and welcome all new shareholders to Zwipe.”
 
Carnegie acted as Manager and Joint Bookrunner together with Redeye in connection with the offering. In addition, Nordnet acted as Selling Agent. Advokatfirmaet Simonsen Vogt Wiig AS acted as legal advisor to the company and Advokatfirmaet Wiersholm AS acted as legal advisor to Carnegie.