Yes, Lago Kapital acts as a stabilizer here…
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True, I was wrong 
According to the prospectus, the company has entered into a market making agreement with Lago Kapital Oy. I understand that this does not correspond to the stabilization arrangements present in many offerings.
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It’s a bit thin compared to Koskinen’s offering. Although the size is different, so are the guarantors.
Here’s Salkunrakentaja’s article on Tamtron’s listing.
Tamtron’s Chairman of the Board, Pentti Asikainen, states that the company achieved its targeted market value and gross assets, and significantly deleveraged its balance sheet through a loan-to-equity conversion.
“We are also particularly pleased with the widespread participation of our employees in the personnel offering,” Asikainen notes.
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We have started covering Tamtron, and a comprehensive report can be read here.
The company has an interesting, capital-light business model with significant growth opportunities through SaaS add-on services and acquisitions. The valuation is not very demanding either, although we do see some uncertainty regarding reaching next year’s profitability guidance as the economic cycle weakens.
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Here are Pauli’s comments on Tamtron.
Tamtron, a provider of industrial weighing solutions, strengthened its capabilities to execute its acquisition-driven growth strategy through its IPO. The strategy aims to consolidate the fragmented market and accelerate the sales of Tamtron’s advanced SaaS products by leveraging the target companies’ existing customer and installed base. We initiate coverage with an Accumulate recommendation and a target price of EUR 6.7. The comprehensive report on the company can be found here.
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@Antti_Jarvenpaa and @Pauli_Lohi talked about Tamtron. 
Topics:
00:00 Introduction
00:13 Weighing solution in practice
02:51 A critical solution
04:12 Market and competitive environment
05:55 Competitive product portfolio
08:08 SaaS opens up opportunities
09:31 M&A as an essential part of the investment story
15:50 Drivers of stock return
EDIT:
The link shows Tamtron’s ten largest shareholders after the offering.
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I really had to dig to find the Tamtron thread. There aren’t many posts in the thread, but regardless, there are very good comments about the company. I didn’t participate in the IPO myself, but I joined the ranks of owners with purchases made last week and this week. I’ve been wading through material related to the company, but I’ll add one more point that’s important to me, at least, to follow up on others’ views. From the InderesTV videos I’ve watched about the company, Tamtron’s CEO Mikko Keskinen seems to be the right man for the job. The man has a very clear and convincing way of expressing himself. I don’t doubt for a moment that it’s pleasant to work under such an easy-going man. He likely gets the best results out of his team that way too.
Could this be a future stock for the Inderes model portfolio? It would bring some new kind of variety to the portfolio. We’ll see, but it’s interesting to follow the company’s future journey on the stock exchange.
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A list of the 30 largest shareholders seems to have appeared on the company’s website. I can’t really comment on the names right now, but the bulk of the ownership is concentrated in a fairly small group. Consequently, the trading volume is quite low. It seems like the same shares are on the bid and ask sides all the time. “Real” trading is at an absolute minimum. I suppose this might change once they start announcing some figures or deals. Until then, we’ll likely just be drifting sideways.
I’ll also add that getting onto that famous top 100 list seems possible with a fairly small stake, at least for now.
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The top 100 largest shareholders have now been updated on the website. With a holding of 796 shares, you could already make it to 100th place on the list. Someone more knowledgeable could comment on whether there are any “big names” among the owners.
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An interesting acquisition, let’s see what Pauli thinks about this deal.
A quote from the comprehensive report regarding the acquisition target.
Advanced SaaS products a competitive advantage for Tamtron
Tamtron has invested significantly in the development of data management services, and the company employs as many as 12 software developers specialized purely in SaaS service development. With the new One Cloud product family, Tamtron’s data management services are, in our view, at the most competitive level on the market.
Customers prefer the one-stop-shop principle when procuring equipment, maintenance, and data management services, which is why the suitability of One Cloud for both mobile equipment scales and heavy equipment scales is a competitive advantage for Tamtron.
To our knowledge, there are no other SaaS products on the market with comparable features other than mScales, developed by the Finnish company Lahti Precision, but that player has, in our view, focused mainly on heavy-duty weighing scales.
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An interesting decision from Tamtron to withdraw guidance almost entirely due to the corporate transaction.
- Tamtron updates its financial guidance following the acquisition of Lahti Precision
With the acquisition of Lahti Precision, there is uncertainty regarding the amount and timing of integration costs and synergy benefits for the 2023 financial guidance. For these reasons, Tamtron’s Board of Directors has decided to withdraw its financial guidance for 2023. Due to the uncertainties, the Board is not currently providing new guidance for EBITDA for 2023. However, revenue is forecasted to be EUR 50–55 million in 2023, which includes the forecasted revenue of Lahti Precision after the completion of the acquisition.
- Previous financial guidance for the financial year 2023, published on 14 November 2022:
Tamtron estimated revenue to be EUR 38–42 million for the financial year 2023 (average annual growth of approximately 14–19 percent from the 2021 financial year). Tamtron estimated EBITDA to be approximately 14–15 percent of revenue for the financial year 2023.
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I’m looking forward to the analyst’s take with interest. It’s likely difficult to provide a very deep analysis, though, as it’s quite a recent case in many respects. I’m not sure how I feel about this acquisition myself; my feelings are a bit mixed. We are moving forward in uncertain conditions, however. As long as they don’t “do a Duell” and start acquiring all sorts of offshoots, it could turn out well.
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At least the analyst has confidence: €6.7 and a buy rating. Brilliantly handled share issue by Tamtron; in these cases, one is used to seeing directed offerings to some “Kyösti” at a 35% discount.
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Does that rights issue ratio mean in practice that someone owning 1,000 shares could subscribe for 116 shares?
Clearly, they wanted to bring their flagship mScales and the employees behind mScales into their fold with this acquisition.
My own experiences with the product in question have been purely positive. I do not own Tamtron.
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The subscription price is 5.32 euros and the share price is shooting up close to six. If I wanted to get in on this story, I’d rather buy the shares in the offering.
Withdrawing guidance doesn’t bode particularly well. We’ll see if there are any surprises regarding “integration costs”. The first interim report as a listed company might be grim reading anyway, as material prices have risen but the costs haven’t been passed on to selling prices yet.
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Here is our analysis report and comment in the morning review.
Regarding the acquisition: It is affordable enough, even if the cyclical downturn slightly weakens earnings in the short term. The most significant SaaS competitor has now been acquired, and I also consider it possible that cost synergies will be achieved as there are many overlaps.
Withdrawing the 2023 EBITDA guidance does increase the risk level slightly regarding the near-term earnings outlook. In my opinion, the 14-15% EBITDA margin guidance was already a bit tight at the IPO, and our forecast at the time was 13.7% (even this forecast would have meant a clear improvement compared to 13% in 2022). Now our forecast is 13.2% – there is room for movement in both directions.
As for inflation and price increases, prices have already been raised during 2022. Based on my understanding, the company has been quite alert to these, but there could be some minor headwinds. However, I am slightly more concerned about market demand than margin levels.
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Of course, the subscription right detached from the share today, so getting shares from the offering isn’t exactly a walk in the park.
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