case / 12 Dec 2019
Setterwalls legal adviser to QleanAir and the principal shareholder (Priveq Investment) in connection with listing on Nasdaq First North Premier Growth Market
Setterwalls has acted as legal adviser to QleanAir Holding AB (“QleanAir” or the “Company”) and the principal shareholder (Qevirp 41 Limited which is 84.6 percent owned by Priveq Investment Fund IV L.P.) in connection with the principal shareholder’s sale of existing shares in the Company and the subsequent listing of the shares in QleanAir on Nasdaq First North Premier Growth Market.
The trading in QleanAir’s shares on Nasdaq First North Premier Growth Market commenced on 12 December 2019 under the ticker QAIR. The offering in connection with the listing was directed to the general public in Sweden and institutional investors in Sweden and abroad and was substantially oversubscribed. The offering comprised a sale of existing shares in a total amount of SEK 300 million and, in the event an over-allotment option is exercised, existing shares of additionally SEK 45 million. The price in the offering was SEK 40 per share, which corresponds to a market value of the Company’s shares of approximately SEK 594 million upon completion of the offering.
QleanAir is a niche supplier of premium solutions at the global market for air filtering of indoor environments. The Company has more than 25 years of experience and offers solutions based on filtering technology that captures, filters and recycles indoor air. The Company’s business model is based on leasing module based solutions to customers that are offered together with a full-service offering. QleanAir has approx. 8,100 installed units distributed across more than 2,500 customers in EMEA, Americas and APAC. QleanAir’s net sales in 2018 were SEK 401 million and the adjusted EBIT margin was 18.3 percent. The Company’s compounded annual growth rate in net sales amounted to 13.5 percent between 2013 and 2018.