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AutoStore seeks to raise $315 million in one of Norway's largest IPOs

Norway's AutoStore valued at $12 billion, country's biggest IPO in two decades
Norway's AutoStore valued at $12 billion, country's biggest IPO in two decades   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p>By Supantha Mukherjee and Terje Solsvik</p> <p><span class="caps">STOCKHOLM</span>/OSLO – SoftBank-backed robotics firm AutoStore said on Tuesday it seeks to raise $315 million by listing on the Oslo Bourse for an initial public offering (<span class="caps">IPO</span>) at a valuation that could make it Norway’s largest stock launch in two decades.</p> <p>In April, SoftBank bought a 40% stake in the Norwegian company for $2.8 billion, valuing AutoStore at about $7 billion. Thomas H. Lee Partners and <span class="caps">EQT</span> are among its other investors.</p> <p>AutoStore did not disclose its expected valuation, but based on its last funding round the company could top Adevinta’s $6.20 billion <span class="caps">IPO</span> in 2019 and also become the largest since the 2001 listing of Statoil, now known as Equinor.</p> <p>The <span class="caps">IPO</span> could give the company a valuation of around $10 billion, according to a source familiar with the matter. </p> <p>Founded in 1996, AutoStore has 20,000 robots deployed across 30 countries to automate warehouse operations. The company also uses robots to densely store and retrieve products allowing customers to store four times the inventory in the same space.</p> <p>The company, whose customers include <span class="caps">ASDA</span>, Gucci and Lufthansa, plans to use to proceeds to reduce debt, invest in growth and allow share sale by its investors.</p> <p>AutoStore expects total revenue of about $300 million in 2021 and more than $500 million in 2022 with a project pipeline worth $3.4 billion across 2,000 projects. It reported a net revenue of $182.1 million last year.</p> <p>The <span class="caps">IPO</span> is expected to be priced during October.</p> <p/> </div>