PE-backed SmartCraft to list on Oslo Stock Exchange

The company, until recently known as Cordel Norden, will launch an offering of its shares and apply for a listing on the Oslo Stock Exchange.

The largest owners of the company will continue to remain key shareholders after the IPO.

The IPO is due to be launched this month and will support the company's strategy and growth plans. 

As well as the sale of ordinary shares by existing shareholders, the company expects to raise gross proceeds of roughly NOK 500m (€49m) from the listing, which it will use to repay current debt liabilities and redeem all the currently outstanding preference shares in the company. It will use any remaining funds for general corporate purposes, including acquisitions. 

Cornerstone investors Capital World Investors, Carnegie Fonder and Handelsbanken Fonder have undertaken to acquire shares for a total amount of NOK 437.5m in the IPO, subject to certain conditions and for a price per share of up to NOK 17.8.

Founded in 1987 and based in Ålesund, SmartCraft is a provider of digital services for construction companies. The company enables construction companies to increase their productivity and make it easier to comply with laws and regulations affecting construction.

The company in 2020 reported revenues of NOK 195.9m (€19.2m) in 2020 and an adjusted EBITDA of NOK 80.9m (€8m).  

ABG Sundal Collier and Carnegie will act as joint global coordinators and joint bookrunners in the IPO, and Joh Berenberg Gossler & Co will act as joint bookrunner. Advokatfirmaet Thommessen is providing legal advice to the company.  

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