Astrocast to the sky during the first trading day on the stock exchange – E24

Swiss nanosatellite company Astrocast went public on Wednesday, with its listing on Euronext Growth.

Astrocast was up 190 percent at 10.55, and trading in the stock was halted several times during the day.

There are quite a few trades in the stock, and the price fluctuated sharply on the first trading day.

The largest shareholders of Astrocast prior to the listing are the five founders of the company. These own just over 20 percent of the shares. The employees and the company’s board of directors own about ten percent. In addition, Schroder & Co Bank and Adit Ventures III each own more than five percent, according to the company’s listing document.

Among other things, Adit has been an early adopter of Spotify and Klarna, and has also made lists with Palantir and Airbnb before.

I collected 100 million less than expected

Prior to the listing, Astrocast raised 388 million NOK in a stock issue. The shares were sold at a price corresponding to just over NOK 29, which the company estimated at NOK 726 million.

The company announced in advance that it would raise NOK 480 million, but subsequently received NOK 100 million more than expected.

At the time of writing, those who signed up for the pre-listing release nearly tripled their efforts.

Right before the listing, it became clear that the core investor, Nexus/IES Group, would not participate in the issuance anyway.

There is no sign of the strength of the company and the stock, writes stock exchange commentator Johann D. Sundberg at E24 just before the listing.

Prepared for the right moment for four years

Chief Financial Officer Kjell Karlsen said before the listing at E24 that Astrocast had been preparing for the right moment to list since 2017.

– Already in 2017, we obtained the auditor’s data as if we were listed on the stock exchange. We’ve now reached the commercial level and it’s time to get listed, Carlsen said.

Carlsen was at one time the chief financial officer of Sea Launch, a space company that had Kvaerner on the ownership side, which specialized in launching satellites from former oil rigs from the sea.

Astrocast plans to have 100 satellites in orbit by 2024.

I applied for capital-intensive Norway

Astrocast is a Swiss company, but it chose to list on the Oslo Stock Exchange.

– Why Norway?

We have the support of space-related venture capital in Europe. Now looking to increase our investor base, we could have chosen Euronext Growth in Oslo, Belgium or Paris. We’ve come to Oslo because here we think we’re finding investors with great knowledge of the offshore, oil and gas and aquaculture industries, Carlsen told E24 earlier.

The common denominator among these industries is that they are capital-intensive industries that require investments up front and provide returns over time, Carlsen explained at the time.

The Oslo Stock Exchange is on the rise

The Oslo Stock Exchange is at 10.30, an increase of 0.3% to 1,154 points.

The exchange was previously expected to open steadily or with noticeable difficulty, according to analysts Roger Berntsen in Nordnet And DNB . Markets.

Yesterday, Borsen rose slightly 0.14 percent to 1,150 points. That was after a mini-return of 1.4 per cent on Monday and a fall of 2.24 per cent last week.

Record in the United States and oil prices are higher than ever

After the Oslo Stock Exchange closed yesterday, there were good times on the stock exchange in the United States. Here, the heavy Nasdaq and the S&P 500 both set new records after the rally.

On the other hand, it is more uneven in the stock exchange in Asia. The Tokyo Stock Exchange is flat, in Hong Kong it is falling, and in Shanghai the shares are rising slightly.

On the other hand, the price of oil rose by about two dollars more than it was at the time of the exchange’s opening yesterday, and a barrel of North Sea oil costs half an hour before the exchange opened at $70.9.