I watched the press conference and will probably participate in the offering with a “touhutonni” (a thousand euros). Presumably, this will be oversubscribed, and in the end, only small crumbs will be allocated. Things that worry me:
- Reaktor has many old owners who haven’t been involved in any way for ten years. There will surely be selling pressure at the start; their acquisition prices are cents, so it won’t matter to them if they get rid of the shares slightly below the IPO price.
- The Q1 2026 result seems a bit pumped since this license sale hit that period.
- The product business in general is suspicious. There are few consulting firms that successfully produce product business on the side. Vincit has been trying to revive its product business on the First North (FN) for ten years without success. This revival has then been funded by the cash flows of the consulting business.
- The Ecosystem and its future is a question mark. Is the intention in the future to buy and merge these companies into the group, or will the current operations continue?