well, there’s 25 right in the first post xxxxxxxxxxxxxxxxxxxxxx
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Karo plans to subscribe
"Does the leadership of a serial acquirer have the ability and skill to make reasonable decisions for the company, i.e., its shareholders?
In Auroora’s case, this is the most important factor influencing my participation in the IPO, and my answer to myself is: I believe. I believe that Auroora’s management knows how and wants to act in the best interest of the owners.
A strong ownership provides a good foundation for this. CEO Antti Rauhala and Chairman of the Board Pekka Tammela themselves intend to subscribe for shares in Auroora’s IPO, even though they already have a strong stake in the game. Of course, they will receive their offer shares with a ten percent employee discount.
Finnish funds also seem to have faith. Of the 35 million euro share issue, subscriptions worth 22.2 million euros have already been agreed for anchor investors. However, shares can be issued to some extent more.
The share issue can be interrupted earliest on Friday, March 27, at 4 PM, and it is quite possible that it will be. However, among the general investor public, there does not seem to be great enthusiasm to participate in IPOs, and a serial acquirer is not as familiar and clear-cut a concept as a telephone booth manufacturer or a postal service.
An obvious risk is also that Auroora will remain a low-volume and little-known extension to the stock market list. On the other hand, it is possible that in Finland, too, people will wake up to serial acquirers in the same way as in Sweden."
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You can’t participate in a share issue through Osuuspankki, right? I can’t find it anywhere.
The subscription must be made through Nordnet, but from there you can choose which bank’s book-entry account you want the shares to go to.
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Traditional IPO survey!
Are you planning to participate in the Auroora Yhtiöt IPO? The survey is anonymous.
- Yes
- No
- Still considering
0
äänestäjää
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The matter can be examined using several metrics, e.g.:
Operating profit: Boreo has an absolutely slightly higher operating profit (€6.7M vs. Auroora’s €5.7M), but Auroora has a better adjusted metric (€7.7M).
Additionally, according to its annual financial statements, Auroora was a €142 million company measured by revenue. So the growth spurt in 2025 is strongly linked to the listing and the offering. It’s normal for a company to be tuned up for peak performance for an offering.
My key point has always been that the valuation levels of the shares diverge too much from each other; Auroora is overvalued compared to Boreo at the time of the offering, and Boreo is undervalued compared to Auroora.
The valuation difference is sometimes incomprehensible; in my opinion, Auroora is fully priced for the current market (which is due to the offering logic).
Of course, I wish both companies success, and I might even buy Auroora shares myself within 18 months. But I will certainly not buy from the offering, nor as long as the stabilization by the underwriting bank continues. Once Auroora has been priced on the stock exchange for a couple of quarters, I will revisit the matter.
In any case, I definitely wish Auroora well. There are several reasons for this:
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Auroora and Boreo will be domestic serial acquirer comparables in the future, affecting both of their multiples (at least for institutional investors…).
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If Auroora’s offering succeeds (and I believe it will, as the scale between institutions and retail investors is correctly set), it will highlight Boreo’s glaring undervaluation in the market as a byproduct, which is also good for a Boreo investor.
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Auroora and Boreo are also natural and potential merger partners in the future if the companies aim to reach the scale of their Swedish counterparts.
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(I don’t own Boreo nor am I participating in Auroora’s listing)
In my opinion, it would also be essential to assess whether the industries and acquired companies are of the same quality among these serial acquirers. It’s pointless to compare key figures straightforwardly if the contents are apples and raisins.
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Can someone dig up how much the owners have emptied the cash register in dividends before listing?
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That’s easy to answer, not a single euro in recent years, but back in the day, with a different operating model, it would be strange if it hadn’t distributed anything.
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I was wondering whether to participate, but since Karo is praising it and Akki also said he subscribed, I have to see how much I’ll get from this. I’ll use the same playbook as with Posti, which means the highest for the public, the lowest for institutions, and into the long-term portfolio.
P.S. Auroora (Aurora) certainly can’t be blamed for the marketing of the offering. Ads seem to be coming from every channel. There was a dedicated presentation for Nordea customers today.
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In the announcement on March 24, 2026:
- The Company’s Board of Directors has the right, in an oversubscription situation, to discontinue the Public and Institutional Offerings by its decision no earlier than March 27, 2026, at 4:00 PM. In addition, the Company’s Board of Directors may, at its discretion, decide to discontinue the Personnel Offering no earlier than March 27, 2026, at 4:00 PM. The Public, Institutional, and Personnel Offerings may be discontinued or not discontinued independently of each other. A stock exchange release will be published without delay regarding any discontinuation.
Since there is no announcement “without delay” out, it would not seem like an immediate oversubscription situation as anticipated in the announcement mentioned above, at least?
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@Jageksi, I put your text here too, I thought it might be of interest in this thread as well. 
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Jussi Halme has made a video about Auroora
A new company aims for the Helsinki Stock Exchange! Auroora Yhtiöt plans to list and seeks gross proceeds of approximately 35 million euros. But is it a genuine growth story or a holding company built on acquisitions?
In this video, we dissect Auroora’s listing:
What is Auroora? Why is a “serial acquirer” a favorite model for investors in Sweden, and how does it work in Finland?
Numbers on the table: We analyze the 2025 pro forma figures and look at what the 17.7 million euro EBITA tells about the company’s condition.
Valuation calculation: Is the subscription price of 5.20 euros attractive? We calculate the EV/EBITA multiplier (approx. 10–11x) and compare it to other market players.
Risks and opportunities: Is it just a “interest rate play” or a real growth engine? What happens if acquisitions fail?
Auroora is not a traditional industrial company but an investment in the management team’s ability to allocate capital. Watch the analysis and decide for yourself if Auroora deserves a place in your portfolio!
Remember: Investing always involves risks. This video is an analysis based on the company’s listing prospectus, not an investment recommendation.
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Esa is not participating in the offering.
"Summary of Auroora IPO
Auroora companies’ IPO is definitely interesting, and as a business nerd, the company’s business model is also very interesting. However, the planets were not quite aligned for Auroora’s IPO timing, which is why its valuation is, as is typical for IPOs, a bit too high.
Auroora is an interesting addition to the stock exchange, however, because most of the offering goes directly to institutional investors, which can of course also cause a positive liquidity spike. As a Finn, I also hope that the trend of serial acquirers would grow in Finland, because Finland’s biggest problem is precisely the lack of large capital and the fact that good business is done here, but ownership rarely stays in Finland.
Auroora promotes Finnish ownership, which is an extremely good thing, even if the valuation is currently a bit too high."
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“AUROORA YHTIÖT OYJ’S INSTITUTIONAL OFFERING IS OVERSUBSCRIBED AND THE SUBSCRIPTION PERIOD HAS BEEN HALTED
Auroora Yhtiöt Oyj’s (“Auroora” or “the Company”) initial public offering to institutional investors in Finland and internationally in accordance with applicable laws (“Institutional Offering”) has been oversubscribed multiple times. The Company’s Board of Directors has decided to halt the subscription period for the Institutional Offering in accordance with the terms and conditions of the initial public offering today, March 30, 2026, at 6:00 p.m.
The subscription periods for the public and personnel offerings of the initial public offering ended today, March 30, 2026, at 4:00 p.m., in accordance with the terms and conditions of the initial public offering.”
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A reasonable offering result, considering that institutions had pre-subscription commitments, and neither the public nor Auroora’s personnel were fully enthusiastic about the offering (meaning there was no need to interrupt the public and personnel offerings).
However, I would assume a fair amount of work for Auroora’s share trading stabilizer for a month:
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DNB Carnegie Investment Bank AB, Finnish Branch acts as the stabilization manager for Auroora Companies’ listing.
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Stabilization measures and the related stabilization period are defined as follows:
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Stabilization Period: Lasts 30 days from the start of share trading.
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Timing: Estimated to be between April 2, 2026 – May 1, 2026.
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Purpose: The stabilization manager may perform measures aimed at supporting the market price of the share after the listing.
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Isn’t it true that in recent years, stabilization has generally worked by the stabilizer trying to short-sell the entire position if the price starts to rise, and then cashing out by exercising the option?
If, on the other hand, the price falls, they just watch in wonder, but supporting the price is modest, and they don’t earn the same way as if they could get an oversubscription premium without risk.
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It caught my eye that there was an ad for the offering on the front page of Saturday’s Helsingin Sanomat (Hesari). Could it be that they didn’t want to stop the offering even if it was already oversubscribed on Friday, since they had paid expensively for high visibility?
The principle is this. Generally, however, the aim is to brake the decline in the share price. In my opinion, growth has not been curbed much, but it hasn’t been seen much in recent listings.
In Auroora’s case, I don’t really believe in either, and the share price will remain quite neutral. Now that the old owners have lock-ups (excluding Varma).
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For those who subscribed in the public offering, the minimum plus approximately 10.21% of the excess will be allocated. That is, 100 shares plus the excess.
Approximately 1,700 investors subscribed in the Public Offering. The number of the Company’s shareholders will increase to over 2,000 shareholders following the IPO. Trading in the Company’s shares (“Shares”) is expected to commence on Nasdaq Helsinki Ltd’s (“Nasdaq Helsinki”) main market on or about April 2, 2026.
In the IPO, 300,000 Offered Shares will be allocated to private individuals and entities in Finland (“Public Offering”) and 7,017,425 Offered Shares will be allocated to institutional investors in Finland and internationally in accordance with applicable laws (“Institutional Offering”), assuming the Over-allotment Option is exercised in full. In addition, 477,921 Offered Shares will be allocated to the Company’s and its group companies’ full-time and part-time permanent employees in Finland who were employed at the commencement of the subscription period on March 25, 2026, as well as to members of the Company’s and its group companies’ board of directors and management team in Finland (“Personnel Offering”).
Commitments made in the Public Offering will be accepted in full up to 100 Offered Shares per subscriber, and approximately 10.21 percent of the commitments exceeding this amount will be accepted. Commitments made in the Personnel Offering will be accepted in full.
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