Adidas to Invest $3.7 Million in Spinnova IPO
June 10 2021 - 3:57AM
Dow Jones News
By Dominic Chopping
Finnish sustainable textile material company Spinnova Oyj said
Thursday that Adidas AG has agreed to invest 3 million euros ($3.7
million) in the company's contemplated initial public offering.
Spinnova, which is planning to list on the Nasdaq Helsinki First
North Growth Market, said it has developed technology to make
textile fibre out of wood or waste, such as leather, textile or
food waste, without harmful chemicals.
It said its patented Spinnova fibre creates zero waste and side
streams or microplastics, and involves minimal CO2 emissions and
water use.
Spinnova has a continuing joint development collaboration with
Adidas and through today's commitment Adidas intends to secure
access to significant volumes of Spinnova materials in the future,
it added.
The company's cornerstone investors include certain funds
managed by entities owned by Aktia Bank PLC, certain funds managed
by WIP Asset Management Ltd, certain funds managed by DnB Fund
Management, Ilmarinen Mutual Pension Insurance Company, certain
funds managed by Pareto Asset Management, certain funds managed by
Sp-Fund Management Company Ltd and adidas Ventures BV.
These cornerstone investers have in total committed to subscribe
for shares totaling EUR58 million in the contemplated offering at a
pre-money equity value of up to EUR275 million, conditional on the
company raising gross proceeds of at least EUR100 million from the
offering.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
June 10, 2021 03:43 ET (07:43 GMT)
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