Spinnova Plc’s €100 Million IPO on Nasdaq First North Growth Market Finland

Borenius advised Spinnova Plc, while White & Case LLP advised Carnegie Investment Bank AB as the sole global coordinator and bookrunner on the deal.

Spinnova Plc announced its EUR 100 million initial public offering (IPO) to Nasdaq First North Growth Market Finland. Trading on the company’s shares began on 24 June 2021. Spinnova’s market capitalisation was EUR 390 million immediately before the commencement of trading.

Spinnova is a sustainable textile technology company, with a unique technology platform to produce SPINNOVA® fibre from multiple raw materials. Spinnova was incorporated in November 2014, and its technology is the result of more than ten years of research and development. Based in Finland, Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or food waste, without harmful chemicals. The patented SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood and waste streams.

The Borenius team included Juha Koponen (Picture),  Janni Hiltunen, Kenneth Kraszewski, Nina Koivisto and Ville Latola.

The White & Case team in Helsinki which advised on the transaction was led by partner Mikko Hulkko with support from associates Jenni Nygård, Ben Tuiskula, Tommi Kolehmainen and Helen Happonen.

Involved fees earner: Janni Hiltunen – Borenius Attorneys Ltd; Nina Koivisto – Borenius Attorneys Ltd; Juha Koponen – Borenius Attorneys Ltd; Ville Latola – Borenius Attorneys Ltd; Helen Happonen – White & Case; Mikko Hulkko – White & Case; Tommi Kolehmainen – White & Case; Jenni Nygård – White & Case; Ben Tuiskula – White & Case;

Law Firms: Borenius Attorneys Ltd; White & Case;

Clients: Carnegie Investment Bank AB; Spinnova Plc;

Federica Tiefenthaler

Author: Federica Tiefenthaler