Carnegie acted as Sole Global Coordinator and Joint Bookrunner in the EUR 83m IPO of Orthex Corporation

Orthex Corporation (“Orthex” or the “Company”), a leading Nordic houseware company, announced on March 24, 2021 the outcome of the initial public offering of its shares (the ”IPO” or the ”Offering”) on Nasdaq Helsinki. Demand in the Offering was very strong from Finnish and international investors and the Offering was oversubscribed multiple times over. In the Public Offering, subscriptions were received from over 21,300 investors. Trading on Nasdaq Helsinki commenced today, on 25 March 2021.

The Offering in Brief:

  • As previously announced, the price per share in the Offering was EUR 6.82, corresponding to a total market value of the outstanding shares in Orthex of approximately EUR 121 million, including the new shares that are issued in connection with the Offering
  • As part of the Offering, the Company issued 1,481,854 new shares, corresponding to approximately 8.3 percent of the total number of the outstanding shares after the Offering
  • In addition, Sponsor Fund IV Ky (the “Principal Shareholder”) and certain other existing shareholders of the Company (together with the Principal Shareholder, the “Selling Shareholders”) sells 10,668,937 existing Shares in the Company in aggregate, assuming that the Over-allotment Option (as defined below) will be exercised in full
  • In order to cover any over-allotment in connection with the Offering, the Selling Shareholders have committed to sell up to 1,584,158 additional existing shares, corresponding to 8.9 percent of the number of shares in the Offering (the “Over-Allotment Option”)
  • Orthex will receive gross proceeds of approximately EUR 10 million from the Offering and the Sellers will receive gross proceeds of approximately EUR 73 million assuming that the Overallotment Option will be exercised in full
  • In connection with the Offering, the Company and the Selling Shareholders, with certain exceptions, have committed to lock-up arrangements of 180 days. The members of the Board of Directors of the Company and the management team of the Company as well as personnel participating in the Personnel Offering have committed to lock-up arrangements of 360 days
  • Trading on Nasdaq Helsinki commenced on 25 March 2021, under the ticker ”ORTHEX”. Settlement will take place on 29 March 2021

About Orthex

Orthex is a leading Nordic houseware company. Orthex designs, produces and sells household products with a mission to make consumers’ everyday life easier: Orthex strives to create functional, long lasting and sustainable high-quality household products. Orthex’s products cover multifunctional assortment of storage boxes, kitchen products and products for home and yard. Orthex markets and sells its products under three main consumer brands: SmartStore, GastroMax, and Orthex.

Orthex has more than 100 years of experience in the production, design and marketing of household products, and it has approximately 800 customers in more than 40 countries. Orthex’s core geographic markets include the Nordics (i.e., Finland, Sweden, Norway, Denmark, and Iceland) and export markets, including Germany, France, and the United Kingdom. Orthex is headquartered in Espoo, Finland, and it currently has seven local sales offices located in the Nordics, Germany, France, and the United Kingdom. For the year ended December 31, 2020, Orthex’s net sales amounted to EUR 75.9 million and its operating profit amounted to EUR 12.3 million.

Carnegie acted as Sole Global Coordinator and Joint Bookrunner in the IPO of Orthex Corporation