The first tech IPO’s of 2016 might come within months. Leovegas and Catena Media leads the way.
2015 was a great year for Swedish tech companies on the stock market. Fingerprint, Tobii, Starbreeze and Evolution Gaming were among the most successful IPO’s last year.
According to sources to Breakit, this trend seems to extend into 2016 with Leovegas and Catena Media leading the race.
The mobile casino company Leovegas has, according to Breakit’s sources, initiated discussions with so called anchor investors. Which means that professional investors have been offered to buy a larger number of shares when the company goes public.
“They started talking to potential anchor investors at the end of last year. That usually means that the IPO will be announced within one or two months”, an anonymous source says to Breakit.
The company has already hired the investment bank Carnegie as its financial advisor. Carnegie is also said to have been hired by Catena Media for its IPO.
Catena Media, which services consists of generating traffic for online casinos, has also started talking to anchor investors, according to one of Breakit’s sources. The discussions are even further along than Leovegas and Catena Media is expected to go public within weeks with a valuation of over 1 Billion Swedish Krona ($118 million with the current exchange rate).
Last fall venture capital firm GP Bullhound mentioned Leovegas as one of ten potential Swedish unicorns. Last year, the company raised $12 million from SEB’s Pension Fund at an $80 million valuation. In 2014 the companies total revenue reached over $40 million and the sales has doubled in 2015, according to Breakit’s sources.