The first listing of the Helsinki Stock Exchange this year collapsed due to the market nervousness caused by the crisis in Ukraine and rising interest rates.
Software company Efima is canceling its IPO and listing on the First North marketplace of the Helsinki Stock Exchange.
The listing will be canceled due to the weakened market situation, the company says in a press release.
“Unfortunately, we have to state that the current market situation does not allow Efima to be listed. Stock market sentiment weakened at a critical stage in our process during the subscription period due to, among other things, rising inflationary pressures and geopolitical risks, ”says the company’s CEO. Tero Salminen in the bulletin.
The subscription period for Efima’s IPO was 8–16. February. The IPO did not raise enough capital because during the subscription period, investors have been nervous first about rising interest rates and secondly about the crisis in Ukraine.
“We will resolutely continue to implement our strategy and monitor the development of the stock market and macroeconomics. We still consider listing as one option, ”says Salminen.
Efima announced its plans to list in early February. The purpose of the company in the IPO was to raise approximately EUR 6 million in gross assets through a share issue. In addition, the owners offered for purchase shares worth a maximum of approximately EUR 6 million.
The mutual fund Danske Invest Finland Share and the occupational pension company Elo had promised to subscribe for shares for a total of approximately EUR 2.5 million.
Efima’s listing was to be the first this year.
Last year, a record number of 29 new companies were listed on the Helsinki Stock Exchange. The previous record was in the 1999 drug year.
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