Kommentar: Grant Thorton har som certified advisor nu stået bag endnu en notering på First North af et Saas-selskab, nemlig Risma.
Selvom værdiansættelsen virker langt mere ædruelig end for Saas-selskabet Valuer, der som bekendt har fået skåret 80 procent af pre money værdien efter noteringen, er Risma aktien alligevel de første handelsdage faldet under salgskursen på 9,5 kr. Torsdag kl. 11 var børskursen 8,9 kr. mod emissionskursen på 9,5 kr.
Pre money værdien på selskabet er fastsat til 132 mio. kr., og der er nytegnet aktier for 40 mio. kr. heraf halvdelen i fortegning.
Revisionsfirmaet stod også bag Valuer, hvor værdiansættelsen – og oplysningerne om selskabets forretningsmodel og kundebase i bedste fald kan kaldes mangelfulde.
Spørgsmålet er, om Valuer casen har givet et knæk i investortilliden til Grant Thornton, og om det er en del af forklaringen på den matte børsstart
I hvert fald synes værdiansættelsen på Risma umiddelbart langt mere rimelig end for Valuer.
Samtidig har Rsima en betydeligt større aktuel omsætning end Valuer, der fra start blev værdisat til 300 mio. pre money.
Læs mere om Risma her, blandt andet prospekt
Fra Risma:
Copenhagen, March 17, 2021
Today, RISMA Systems A/S announces the result of the offering of shares (the “Offering”) in connection with the admission to trading of the Company’s shares on Nasdaq First North Growth Market Denmark, cf. Company Announcement No. 1-2021 of March 2, 2021 and the Company Description published on March 2, 2021.
As planned, the offer period closed on March 15, 2021 11:59 pm (CET). The Company’s offer of 4,210,526 shares at an offer price of 9.50 DKK per share was fully subscribed. With the proceeds from the Offering, RISMA expects to accelerate revenue growth by increasing sales and marketing efforts in both existing and new markets. In 2021, RISMA expects to expand in Norway and enter Sweden. Simultaneously, the Company intends to strengthen its position in Denmark.
In addition to the 2,112,622 shares that were allocated to investors in the pre-subscription, the Company received 2,081 orders for a total of 7,413,193 shares in connection with the public offering.
The first day of trading at Nasdaq First North Growth Market Denmark is expected to be March 23, 2021 under the ticker “RISMA” under permanent ISIN DK0061534377.
CEO & Founder, Lars Nybro Munksgaard:
“We are very pleased with the outcome of the offering, and we are humbled by the interest and trust shown by the investors. Our aim is to have a long-standing good relationship with our stakeholders, including the investment market, and we are well aware of our responsibility and commitment towards RISMA’s new shareholders.
We are excited to begin the execution of the growth plan outlined in our reason to list on Nasdaq First North. We seek to strengthen our position in the Danish market with new services and an even stronger client base, and we are eager to build RISMA’s presence and position in new markets, especially Norway and Sweden.
We believe that we have built the foundation for further international growth. We have ambitions beyond our planned Nordic expansion and expect to raise additional capital to further accelerate RISMA’s international growth within the next 12 to 18 months. For now, we are pleased and proud of the first step, and we are looking forward to accelerate our growth and further improve our offering to our customers.”
Chairman of the Board of Directors, Lars Ankjer Jensen:
“It has been a pleasure being a part of RISMA’s journey all the way from the early days as a tech start-up in 2014 up until today’s milestone. Now we embark on a new voyage with a very strong, scalable, and future proof all-in-one GRC platform. The next steps are international expansion, growth and exciting opportunities – just like the launch of RISMA’s new ESG-compliance module in 2021.
I expect the next seven years to be equally exciting, and I’m proud that we can share this ride with new shareholders, more clients and a strong team of employees and management.”
Summary of the offering:
- As a result of the Offering, RISMA issues 4,210,526 shares of nominally DKK 0.10 each at a share price of DKK 9.50 per share.
- The gross proceeds for the Company are DKK 39,999,997 before transaction costs.
- Shares have been allocated to a total of 1,474 investor depositaries.
- The ‘free float’, which is the percentage of the share capital held by public investors, constitutes 16.8% of the share capital after the completion of the Offering.
- All subscription orders up to and incl. 600 shares have not been allocated any shares.
- All subscription orders of 601 shares to 1,413 shares have been allocated the minimum subscription of 400 shares.
- All subscription orders of 1,414 shares or above have been allocated 28.3% of the requested allocation.
- The investors that pre-subscribed for 2,112,622 shares before the publication of the Company Description have all been allocated full subscription of shares.
- After completion of the Offering, the share capital of the Company will be increased from nominally DKK 1,386,113 distributed on 13,861,130 shares of DKK 0.1 to nominally DKK 1,807,165.6 distributed on 18,071,656 shares.
- Registration of the capital increase with the Danish Business Authority (in Danish: Erhvervsstyrelsen) is expected to take place on March 19, 2021, subject to settlement of the Offering.
- Settlement of the Offering will take place by delivery of shares in the temporary ISIN code, The temporary ISIN code will not admitted to trading on Nasdaq First North Growth Market Denmark but will only be registered in VP Securities. First day of trading on Nasdaq First North Growth Market Denmark in the permanent ISIN, DK0061534377, is expected on March 23, 2021. The temporary ISIN code, DK0061534294, is expected to be merged with the permanent ISIN code, DK0061534377, following and subject to settlement of the Offering and registration of the capital increase with the Danish Business Authority.
