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    9984   JP3436100006

SOFTBANK GROUP CORP.

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AutoStore seeks to raise $315 million in one of Norway's largest IPOs

09/28/2021 | 04:35am EDT
FILE PHOTO: A woman walks past the Oslo Stock Exchange building in Oslo

STOCKHOLM/OSLO (Reuters) - SoftBank-backed robotics firm AutoStore said on Tuesday it seeks to raise $315 million by listing on the Oslo Bourse for an initial public offering (IPO) at a valuation that could make it Norway's largest stock launch in two decades.

In April, SoftBank bought https://www.reuters.com/article/us-softbank-group-autostore-idUSKBN2BS1YC a 40% stake in the Norwegian company for $2.8 billion, valuing AutoStore at about $7 billion. Thomas H. Lee Partners and EQT are among its other investors.

AutoStore did not disclose its expected valuation, but based on its last funding round the company could top Adevinta's $6.20 billion IPO in 2019 and also become the largest since the 2001 listing of Statoil, now known as Equinor.

The IPO could give the company a valuation of around $10 billion, according to a source familiar with the matter.

Founded in 1996, AutoStore has 20,000 robots deployed across 30 countries to automate warehouse operations. The company also uses robots to densely store and retrieve products allowing customers to store four times the inventory in the same space.

The company, whose customers include ASDA, Gucci and Lufthansa, plans to use to proceeds to reduce debt, invest in growth and allow share sale by its investors.

AutoStore expects total revenue of about $300 million in 2021 and more than $500 million in 2022 with a project pipeline worth $3.4 billion across 2,000 projects. It reported a net revenue of $182.1 million last year.

The IPO is expected to be priced during October.

(Reporting by Supantha Mukherjee, European Technology & Telecoms Correspondent, based in Stockholm; Editing by Sherry Jacob-Phillips)

By Supantha Mukherjee and Terje Solsvik


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE LUFTHANSA AG -1.75% 5.907 Delayed Quote.-22.09%
EQUINOR ASA 3.54% 236.9 Real-time Quote.57.95%
SOFTBANK GROUP CORP. 0.61% 6290 End-of-day quote.-21.94%
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 040 B 52 798 M 52 798 M
Net income 2022 1 310 B 11 450 M 11 450 M
Net Debt 2022 15 330 B 134 B 134 B
P/E ratio 2022 8,26x
Yield 2022 0,70%
Capitalization 10 775 B 94 382 M 94 188 M
EV / Sales 2022 4,32x
EV / Sales 2023 4,04x
Nbr of Employees 58 786
Free-Float 69,3%
Chart SOFTBANK GROUP CORP.
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SoftBank Group Corp. Technical Analysis Chart | 9984 | JP3436100006 | MarketScreener
Technical analysis trends SOFTBANK GROUP CORP.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Last Close Price 6 290,00 JPY
Average target price 10 325,87 JPY
Spread / Average Target 64,2%
EPS Revisions
Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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