Readly starts trading on Nasdaq Stockholm

Readly, a digital subscription service for magazines, yesterday announced the outcome of the offering and listing of Readly's shares on Nasdaq Stockholm.

Readly starts trading on Nasdaq Stockholm
Maria Hedengren: “I very much look forward to the next step on this exciting journey.”

According to Readly, the offering received great interest among institutional investors in Sweden and internationally, and the general public in Sweden. The offering generated total demand in excess of SEK 5 billion, and was more than 10 times oversubscribed excluding shares acquired by cornerstone investors. As a result of the offering, the company says it will have approximately 25,000 new shareholders.

The offering price was SEK 59 per share, corresponding to market capitalisation of approximately SEK 2,168 million, including the new shares to be issued in connection with the offering.

Maria Hedengren (seen ringing the bell, below), CEO of Readly, said: “Embracing new technology, and new consumer habits and preferences is at the core of Readly’s business. Becoming a listed company will put us in an even better position to leverage our European category leadership, and to continue building an even more attractive proposition for readers and publishing partners alike. We are firmly committed to continue executing on our ambitious growth strategy. I very much look forward to the next step on this exciting journey together with existing and new shareholders, the amazing Readly team, and in close collaboration with our fantastic publishing partners worldwide.”

Patrick Svensk, Chairman of the Board of Directors of Readly: “Today marks an exciting day for Readly in its new phase as a listed company. Readly is on a journey to enable the discovery and survival of quality content. We are delighted to continue Readly’s growth journey together with our anchor investors of such high caliber and an offer multiple times oversubscribed highlighting the strong interest in our business model.”