I had been following news about the company for a few years and waiting to see if I could invest at some point. This offer price was quite a letdown, and the more detailed information from the listing prospectus was the final nail in the coffin. Ugh.
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Danske’s offerings are usually always priced to the max (Rovio, etc.). I wouldn’t be surprised if the share price of this one also started to fall after the initial enthusiasm, once realism kicks in. I’ll pass.
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When looking into this further, I’ll definitely pass. You’ll probably get it cheaper later, and at the same time, the future prospects are clearer. I would change the title of the thread to: “Nanoform Finland - Small is expensive?” 
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Well, now it’s clear who had the motive to shape the offering exactly as it is. 
Options have also been distributed nicely before the listing, with prices of €1.1 in the 2019 program and €1.65 according to the 2020 program.
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They could get a slogan out of that… “Is small beautiful or expensive?” At least for a KL or IL headline
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No surprises there, I already wrote in the pharmaceutical industry technology thread that the pricing seems to be at its peak for the IPO. There might be some kind of short-term rise/rocket after the IPO. Concrete numbers and results will have to be waited for. I wouldn’t be surprised if cash flow positivity hasn’t been achieved in 5 years and/or costs are higher than expected, so a new offering would have to be arranged. On the other hand, if the plan is implemented even before the deadline, then the stock will rocket. These loss-making biotech companies are difficult stocks to play because a few larger contracts can change the whole year from loss-making to profitable. The stock movements are wild. I wouldn’t be in a hurry to buy; a lot can happen in five years, and some of those who participated in the IPO might run out of patience waiting for results or when it becomes clear that there are twists and turns on the road. A follow-up line and maybe a new estimate if the price drops significantly.
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The company’s IPO Roadshow tomorrow will be broadcast live on InderesTV starting at 5:00 PM Nanoform yhtiöesittely 26.5.2020 - Inderes
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The CEO’s explanation isn’t particularly credible.
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An interesting company from a technological perspective, but the arrangements of the share issue raise so many doubts that I’ll pass on this one for now.
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At least a well-timed listing (since we’re talking about medical technology)
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Could someone summarize the CEO’s explanation? The news is behind a paywall.
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The share issue costs a lot because we are listing on two markets at the same time. The CFO and Investor Relations Director have worked for the company with a relatively low salary. For this reason, they will be paid bonuses from the proceeds of the share issue. The CFO is the CEO’s brother.
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Thanks!
It bothers me that they want to make so much money before the company has even generated significant revenue. The thought creeps into my mind that the management doesn’t consider the company’s business model a sure thing, and wants to ensure their enrichment before proving it.
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Don’t they have significant ownership in the company, so they could sell shares after the lock-up periods?
Of course, the company’s performance would then have to meet the expectations set by the listing price… 
Addition: the ownerships were listed above. Well, to each their own. 
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It’s expensive, but this could quite easily be an acquisition target long before they properly commercialize their operations, assuming the technology works more or less as expected. I’m considering a small investment.
I can’t comment on the company’s results themselves… but in the CEO’s lab, they were ready to cherry-pick results and transform article headlines into “salesman-like” pitches. This habit probably caught on from the US. The problem is, when you hear an American hyping something, you know it’s just part of the culture.
Knowing the CEO for years, I’m not very surprised by how this has been arranged. I got used to it a long time ago, how every project Eetu is involved in is supposedly so important and groundbreaking. At the same time, they brag about who they know and where they last flew by helicopter (see http://electronics.physics.helsinki.fi/personnel/)
I also wondered how they always talked about how all their own ideas should be turned into startups, but they were never ready to put their own wealth on the line, even though, according to their speeches, they should have plenty of it.
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Mikko Mäkinen’s thoughts on Nanoform, with a bonus peculiar anecdote about the CFO’s habits.
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The key question in this offering is how valuable this granted patent is considered: https://patents.justia.com/patent/10098842