Carnegie acted as Joint Global Coordinator and Joint Bookrunner in the IPO of Sitowise Group

Sitowise Group Plc (”Sitowise” or the ”Company”), a Nordic technical consulting company and expert in the built environment with a strong focus on digitality, announced on March 24, 2021 the outcome of the initial public offering of its shares (the ”IPO” or the ”Offering”) on Nasdaq Helsinki. The Offering attracted very strong interest from Finnish and international institutions as well as the Company’s personnel and the general public in Finland. The Offering was heavily oversubscribed. As a result of the Offering, Sitowise has more than 9,000 shareholders. Trading on Nasdaq Helsinki commenced 25 March 2021.

The Offering in brief:

Should the Company proceed with the IPO, the Offering is expected to include the following:

  • The subscription price for the Offer Shares was EUR 8.20 per share, corresponding to a total market value of the Company of approximately EUR 288 million
  • As part of the Offering, Sitowise will issue 9,213,547 new shares in Sitowise, corresponding to approximately 26.2 percent of the total number of outstanding Shares after the Offering. In addition, Intera Fund III KY (“Intera”) and certain other existing shareholders in Sitowise (together with Intera, the “Sellers”) will sell 7,881,994 existing Shares in Sitowise
  • Intera has granted to the Joint Global Coordinators an over-allotment option to purchase a maximum of 2,558,750 additional Shares at the Subscription Price (the “additional shares”) solely to cover over-allotments in connection with the Offering. The Additional Shares represent approximately 9.9 percent of the Shares and votes vested by the Shares prior to the Offering and approximately 7.3 percent after the Offering
  • Sitowise will receive gross proceeds of approximately EUR 75 million from the Offering and the Sellers will receive gross proceeds of approximately EUR 86 million assuming that the Overallotment Option will be exercised in full. The total number of Shares in Sitowise will increase to 35,165,927.
  • In connection with the Offering, Sitowise and Intera have entered into lock-up agreements of 180 days. The other Sellers and certain other shareholders have agreed to a lock-up agreement with similar terms to that of Sitowise and Intera that will end on the date that falls either 180 or 360 days from the listing. The members of the Board of Directors and the management team of Sitowise have entered into lock-up agreements of 360 days in connection with the Offering.
  • Trading on Nasdaq Helsinki commences today, March 25, 2021, under the ticker ”SITOWS”

About Sitowise

Sitowise is a Nordic expert in the built environment that offers sustainable design and consulting services. Sitowise operates in various size projects to enable more responsible and smarter urban development as well as smooth transportation. Sitowise offers its services in the following areas: Buildings, Infrastructure and Digital Solutions. Sitowise’s operations are primarily in Finland and Sweden, and the Company also has competence centers in Estonia and Latvia mainly serving Sitowise’s projects in Finland and Sweden. The Company’s net sales was approximately EUR 160 million in 2020 and the Company employs over 1,900 experts. in addition to the largest shareholder Intera Fund III Ky, Sitowise has high employee ownership.

Carnegie acted as Joint Global Coordinator and Joint Bookrunner in connection with the IPO