By Dominic Chopping


Norwegian robotic and software technology company AutoStore NewCo Ltd. said Tuesday that it intends to launch an initial public offering and apply for a listing on Oslo Bors.

The IPO is expected to comprise an offering of newly-issued shares to raise gross proceeds of around $315 million, as well as a sale of shares by existing shareholders, including from funds and companies owned, managed or advised by Thomas H. Lee Partners LP that currently owns 50.73% and EQT AB which currently owns 5.55%.

AutoStore operates in the warehouse-automation industry and has operations and installations in over 35 countries. Headquartered in Nedre Vats, Norway, the company has 149 employees and also has offices in Oslo, the U.S., the U.K., Germany, France, Spain, Italy, Austria, South Korea, and Japan, with assembly of certain parts carried out by a subsidiary in Poland.

For the year ended Dec. 31, 2020, AutoStore generated net revenue of $182.1 million and had adjusted earnings before interest, tax, depreciation and amortization of $93.5 million. It is targeting 2021 total revenue of around $300 million and over $500 million in 2022.

As of June 2021, the company said it had a $3.4 billion tangible project pipeline spread over 2,000 projects.

After an internal reorganization prior to the IPO, AutoStore will be directly or indirectly owned by Thomas H. Lee Partners, SoftBank Group Corp. and EQT, as well as employees of the AutoStore group and certain other minority shareholders.

The IPO is expected to price during October.


Write to Dominic Chopping at


(END) Dow Jones Newswires

September 28, 2021 03:37 ET (07:37 GMT)

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