So, approximately €1.5M in liquidity was offered to private individuals, and the average allocation per investor would be €917 ((300,000 * 5.2) / 1700). This seems to have become a fairly institution-heavy stock. I must say, these matters are not so familiar to me, so I don’t know how normal such a distribution really is.
But this was no rush from the public, although the company certainly hit a really poor time window, as many people’s interest has probably been elsewhere in recent weeks. It will be interesting to see how the share price develops in the first few trading days.
There should be an option that if I don’t receive the amount I’ve already paid for/subscribed to, I don’t want small amounts of shares, for which, for example, the selling costs would be quite high percentage-wise.
There’s no real problem here either. If you don’t like the small amounts, you’ve been able to sell them with over 90% probability immediately after trading started for other companies recently. If you want more, you can buy it from the stock exchange very close to the subscription price.
Aki Pyysing has been writing about Auroora, in a commercial collaboration.
I was more interested in the offering than usual, specifically because it wasn’t a typical “private equity or some other owner dumps garbage on you and runs away” type of offering. All the proceeds from the offering were going to the company.
Key personnel subscribed for more shares, even though they already held some. At employee prices, but still. All members of the company’s board also hold a good amount of shares. If people who are properly committed (via shares) are even semi-competent, things will turn out well.
Offerings like this haven’t been organized in decades.
Karo Hämäläinen had calculated (why calculate if Karo does it for you) that at a subscription price of €5.2, Princess Auroora’s EV/EBITDA becomes 9.8. If I believe in the guys, the price is okay. Not a Posti-style state-owned company discount, but okay.
Pentti Jokinen has also provided an overview of Auroora in the form of a tweet.
The sectors they are playing, imo has clear growth opportunities also. So could hit few winners too. Ofc depends on the execution how well Auroora can find/buy these.
I find Auroora very interesting, especially their focus on water/renewable energy and electricity. What can be expected from a company like this in a few years?
