I must admit that I am new to creating this kind of thread. However, I thought I’d be proactive in order to create a dedicated forum for a company aiming for strong growth. Experienced members, please correct me if this went wrong 
Company listing prospectus Digiyhtiö Efima Oy suunnittelee listautumisantia ja listautumista Nasdaq First North Growth Market Finland ‑markkinapaikalle
Investor pages https://www.efima.com/sijoittajille
Here’s this morning’s Kauppalehti news about the company (unfortunately for subscribers only): Miksi Efimaan kannattaisi sijoittaa? Toimitusjohtaja antaa päätökselle perusteita, joista tämä ei ole vähäisin: ”Meillä menee hyvin” | Kauppalehti
I created a company page for this now 
https://www.inderes.fi/fi/yhtiot/efima
And now the company presentation webcast has also been published. Next week, February 8th, starting at 6:00 p.m.
Analyst Ari Rajala’s assessments of the previous financial year from Kauppalehti are not flattering to the company.
“The group’s key figures summary looks dire. The result is in the red, and the balance sheet is a mess. The equity ratio is weak, and the net gearing is high.”
“The good thing is growth. Efima has doubled its revenue in just three years,” Rajala describes the company’s growth orientation.
"Digital Company Efima
The company’s cloud services comprise software suites for financial management, enterprise resource planning (ERP), and automation.
Cloud services account for approximately 70 percent of revenue.
Digital financial management services have become the company’s key growth and development investment area after cloud services.
Digital financial management services account for approximately 30 percent of revenue."
"Efima’s CEO Tero Salminen emphasizes in his comments the ambitious growth and profitability targets the company has for the strategic period 2022–2024. He considers these targets well-justified.
‘Organic revenue growth is expected to be over 20 percent per year, and the EBITA margin over 10 percent by the end of the strategic period,’ Salminen summarizes.
According to Salminen, the company’s board has set a goal to double revenue during the strategic period to approximately 45 million euros. This target includes potential acquisitions."
"Based on recurring revenue
In the last financial year, approximately 70 percent of the company’s revenue came from cloud services and about 30 percent from digital financial management services.
The company’s management estimates that the size of the potential market is approximately 735 million euros. This includes cloud-based financial management and ERP applications, intelligent automation, and digital financial management.
Efima holds about a three percent share of this market, but the company believes it will increase. Investments in cloud services and robotics will continue.
‘The target markets are predicted to grow significantly faster than the estimated 4.5 percent for the Finnish IT market between 2020 and 2025,’ Salminen assures.
According to Salminen, operations are based on recurring revenue: in the last financial year, 62 percent of the group’s revenue was recurring in nature.
‘Recurring revenue is growing, and that is precisely what we aim for solely for the sake of predictability. Whenever we acquire new customers, recurring business grows.’"
Helsingin Sanomat’s introduction to the company:
A few highlights from the news:
Organic revenue growth for the fiscal years 2014–2021 has averaged 26 percent per year.
At the end of November, there were 280 employees, and according to the company, employee satisfaction is high.
The IPO aims to raise approximately 6 million euros in gross proceeds through a public offering, in addition to which some current shareholders are selling their shares.
Anchor investors include the Danske Invest Suomi Osake (Danske Invest Finland Equity) fund and Keskinäinen Työeläkevakuutusyhtiö Elo (Elo Mutual Pension Insurance Company), who will subscribe for a total of approximately 2.5 million euros.
Here’s an interview with the CEO in the spirit of TOAST!
What does the swarm intelligence think about the company’s value? Efiman’s current profit level is quite weak. Can the company’s value exceed 40 MEUR if the revenue is now just under 23 MEUR and market sentiment is quite gloomy?
This IPO smells bad:
Dooap, developed by Efima, is a cloud-based and mobile accounts payable solution for Microsoft Dynamics 365 and AX ERP systems. Dooap enables invoice approval as easily on a mobile phone as on a computer. The software’s phenomenal user interface and built-in process automation bring efficiency to financial professionals and ease and mobility to invoice approvers.
Efima has a wonderful culture, which is particularly appealing. When you have the right colleagues, things tend to fall into place. Dooap is a diamond that we are now collectively polishing into just the right shape. After that, its sparkle will be visible from afar.
Efima develops Dooap and takes out loans to finance Dooap → Efima’s founders separate Dooap and Efima into two separate companies just before Efima’s IPO → Efima incurs a €6.3 million loan receivable from the separation of Dooap → Efima’s founders sell €6.3 million worth of Efima shares in the IPO → Efima’s founders pay off Dooap’s €6.3 million debts → Efima uses the money received from the IPO to strengthen its balance sheet, pay off debts, and make acquisitions???
A significant portion of Dooap’s purchase price is consumed by legal fees for the separation. Borenius Attorneys acted simultaneously as an advisor for the separation of Efima and Dooap, and as a legal advisor for the IPO, and also sits on the boards of both Efima and Dooap.
They’ve certainly cooked up quite a convoluted scheme to keep the diamond as the founders’ private property.
Is this arrangement really completely correct and are these serious conflicts of interest being taken into account?
Ah, well, then it’s exactly like that
I was about to post a very similar message to Eka’s. Something about this situation is a bit strange. But so I don’t repeat the same thing, I’ll highlight a couple of other points that caught my eye in the prospectus.
A significant portion of Dooap’s purchase price will be eaten up by legal fees for the demerger. Borenius Attorneys at Law acted simultaneously as an advisor for the demerger of Efima and Dooap, and as a legal advisor for the IPO, and also sits on the boards of both Efima and Dooap.
It’s a small world, this Borenius guy seems to be part of the CEO’s extended family.
Other observations that caught my eye:
The IPO is also expensive:
But the share sale made in the same context is very inexpensive (though I don’t recall if this is always the case):
In addition, the price of the directed share issue made on February 3, 2021, was puzzling. On the other hand, the IPO price is quite close to that last paid offering, taking the split into account.
All in all, nothing truly attractive caught my eye in the prospectus.
I haven’t looked into it further yet, but I wanted to comment on the Dooap situation. It’s likely spun off because investors weren’t willing to pay the valuation the owners wanted. I doubt there’s any bigger conspiracy there. This is supported by glancing at the pro forma figures, where, for example, operating profit pro forma (without Dooap) is EUR 1.8 million and reported (with Dooap) is ~EUR 0.0 million. So, in summary: a lot of money has been invested in Dooap, but a good valuation for it as part of Efima cannot be achieved in the IPO (more likely it would destroy value in the IPO) → solution: the owners buy Dooap out and Efima continues its own (somewhat profitable) business.
Yesterday’s Roadshow recording can now be found on InderesTV
Efima yhtiöesittely ti 8.2. kello 18:00 alkaen - Inderes
@Omavaraisuushaaste Pruning 
It still doesn’t pique my interest in participating.
A successful listing essentially recycles money through the owners, settles the inter-company receivable, and keeps the jewel in private ownership. Clever. However, I don’t believe that recycling money is the actual ulterior motive for the listing, as they could have, for example, originally separated the businesses into different companies through a total spin-off, and the shareholdings would have remained original. Not that these kinds of arrangements ever inspire confidence, especially when they occur close to the listing.
No need to even consider participating in the offering.
Disclaimer at the end of the article: Made in commercial cooperation with Efima Oyj.
It seems it has been arranged as a separate company through a partial demerger. Of course, I should have read the facts properly before commenting.
I don’t understand why the financier’s role was left to Efima. That’s the carrot in the story. If such arrangements are made before listing, it would be good practice to deal with old sins first, not after event x (the offering).
Minimal discussion, is no one interested in this offering? At first glance, the corporate restructurings are too convoluted to warrant spending a full workday researching them. My initial impression is that Dooap is the valuable part, and it’s being moved away so that participants in the IPO won’t benefit from it. The seller’s interests have certainly been secured; what remains for the small investor in return for the offering price, I’ll leave uninvestigated.
