CIGS Firm Midsummer Goes Public
Swedish solar energy technology company Midsummer has done an initial public offering (IPO) and its shares are now listed on Nasdaq First North Stockholm. As part of the IPO, the company issued new shares valued at SEK100m ($11.5m, €9.8m) and the share offer was oversubscribed by 400 percent.
Midsummer is a developer and supplier of CIGS-based solar energy technology solutions for the production and installation of lightweight thin film solar panels, including manufacturing systems and BIPV solutions. The company recently carried out a public share offering of approx. SEK100M that was snapped up by investors in full (oversubscribed by 400 percent). The company’s shares are today listed on Nasdaq First North Stockholm.
“The listing opens an opportunity for global small and large investors to own shares in a highly innovative, fast-growing and profitable solar energy technology leader, and be part of the renewable energy revolution," said Sven Lindström, CEO and co-founder, Midsummer. “The IPO also gives us financial muscles for our planned rapid expansion, including increased production capacity of the company’s flagship DUO thin film solar cell manufacturing system, as well as the launch of Clix by Midsummer – a PV integrated metal roof."
The IPO follows the announcement of yet another record financial year (2017) during which revenues and profits doubled, as they did in 2016, mainly thanks to several new orders for the company’s compact DUO thin film solar cell manufacturing system.
Midsummer’s ticker code is MIDS and the company’s shares can now be traded at Nasdaq First North Stockholm, Nasdaq’s European growth market designed for small and growing companies. Nasdaq First North Stockholm has more than 130 listed companies and has become a hub for Nordic technology innovators.
The DUO system has established its position as the most widely spread manufacturing tool for flexible CIGS solar cells in the world, according to the company.
Last year, Midsummer established a strategic production partnership with the Swedish roof manufacturer Clix for the launch of ‘Clix by Midsummer’, a plug & play roofing system with integrated solar panels, which has added a second business area to Midsummer.
G&W Fondkommission is Midsummer’s financial adviser in connection to the IPO and the company’s Certified Adviser at Nasdaq First North Stockholm.