Today is the first day of the subscription period in MeeW A/S (“MeeW” or the ”Company”) share issue prior to planned listing on Spotlight Stock Market (the “IPO” or the “Offer”). The subscription period runs until 7 March 2023. A fully subscribed Offer will provide MeeW with approx. DKK 18.5 million before transaction related costs. MeeW has received pre-subscription commitments prior to the IPO corresponding to approx. 80 percent of the Offer. Memorandum and a summarized teaser are available at the Company’s (www.meew.dk), SeaHouse Capital ApS’s (www.seahousecapital.dk), and Nordic Issuing AB’s (www.nordic-issuing.se) websites. It is possible to subscribe for shares with BankID on Nordic Issuing’s website.
About the Company and motive for listing and IPO
MeeW operates as a tech venture builder in the field of technology, digitalization, and automation. Until now, its main focus has been on building its own tech brands, developing IT services for clients and backing tech pioneers through investments. The focus of the Group is fully on these core businesses and thus growing MeeW as an entity while scaling the subsidiaries, investments, and brands. MeeW experiences an increased demand for its brands, services, and investments, especially in the fields of consultancy services and academy program. For the period 1 January – 31 December 2022, the Company’s net revenue amounted to DKK 20,189,340, which is an increase of 169 percent compared to its net revenue in 2021.
In the short term, MeeW will focus on scaling the existing business and its brands even more, as well as launching new brands. To finance this, the Company intends to carry out a new issue of shares and list its shares on Spotlight Stock Market in March 2023. The Offer is intended to provide MeeW with a maximum of DKK 18.5 million before deduction of transaction related costs of DKK 2.5 million including guarantee compensation, and of which DKK 14.85 million are secured in advance via pre-subscription and guarantee commitments. The terms are market-based and the same for pre-subscribers as for others subscribing in the IPO.
According to the Board of Directors and executive management, MeeW is well positioned for future organic growth with a strong focus on its brands, services, and investments. The IPO will support the Company’s continued growth and provide MeeW with access to capital markets. It also gives the Company a greater ability to grow and expand. MeeW has, according to the Board of Directors, an already well-established transparency, prestige, and credibility, which will give the Company a better foundation for international expansion. The IPO also adds to the Company’s ability to acquire and invest in early-stage startups and investment cases, that the Company has access to through network and partnerships. Additionally, according to the Board of Directors, MeeW’s well-branded reputation will attract even more talents and high-level profiles by operating in a listed environment.
The issue proceeds are mainly intended to increase sales activities and marketing efforts through MeeW STUDIOS, as well as finance each brand belonging to the Group in order for them to go to the market. This will in turn create value to the existing business, and thus contribute to MeeW’s continued growth and expansion.
Summary of the Offer
- Subscription period: 21 February 2023 – 7 March 2023.
- Subscription price: DKK 8.25 per share. The minimum subscription post is 500 shares, corresponding to DKK 4,125.
- Issue volume: The Offer comprises no more than 2,242,424 shares and no less than 1,800,000 shares, equivalent to respectively DKK 18.5 million and DKK 14.85 million before deduction of transaction related costs of DKK 2.5 million (including guarantee compensation).
- Valuation (pre-money): Approx. DKK 40.3 million.
- Pre-subscription commitments: The Company has received pre-subscription commitments of approx. DKK 9.3 million, corresponding to approx. 50.3 percent of the share issue volume and guarantee commitments of approx. 5.55 million corresponding to approx. 29.9 percent.
- Lock up: The Company’s existing shareholders, including members of the Board of Directors and executive management, who together own 100 percent of the shares in MeeW, have entered into binding lock up-agreements prior to the planned IPO. The lock up-agreements also applies to any shares purchased and allocated in connection with the IPO. This means that the relevant shareholders undertake not to sell any of their respective shareholdings in the Company for at least 12 months from listing on Spotlight Stock Market. However, shareholders with less than 10 percent ownership, will be able to sell 10 percent of their shares during the lock up-period. 14.6 percent of the capital and shares are held by shareholders with less than 10 percent ownership. Hence, 74.7 percent of the shares are covered by the lock up agreements.
- Number of shares before the share issue: 4,886,300 shares.
- Expected first day of trading on Spotlight Stock Market: 16 March 2023.
- Ticker and ISIN: MEEW and DK0062268413
Advisors and issuing agent
SeaHouse Capital ApS is the financial advisor in connection with the IPO. Magnusson Denmark Advokatpartnerselskab is the legal advisor and Nordic Issuing AB is the issuing agent. Shark Communication AB has assisted the Company with advice regarding communication.
For more information about the IPO, please contact:
SeaHouse Capital ApS
Phone: +45 70 60 55 62
For more information about MeeW, please contact:
Armin Kavousi, CEO
Phone: +45 60 11 77 84
MeeW is a group of independent subsidiaries and brands with a common focus on being a tech venture builder within technology, digitalization, and automation. The main area of business within the Group is SaaS development, IT consultancy, and IT investments. With a mission to build own market leading brands, investing in promising tech companies and develop groundbreaking services, MeeW aims to build a digital bridge between the technology of today and future generations.