The Swedish cloud communications platform, Sinch AB has, in accordance with the company’s earlier press release and based on the authorisation granted by the annual general meeting on 17 May 2019, resolved on a directed new share issue of 5 million shares at a subscription price of SEK 300 per share.
This is corresponding to a discount of 2.1 percent in relation to the closing price for the company’s share on 27 March 2020.
The subscription price has been determined through an accelerated book-building process performed by Carnegie, Danske Bank, and Handelsbanken Capital Markets.
The directed new share issue was significantly oversubscribed.
The directed new share issue
A large number of Swedish and international institutional investors participated in the directed new share issue, which encompasses a total of 5 000 000 shares.
The subscription price in the directed new share issue was set at SEK 300 per share, determined through an accelerated book-building process led by the Joint Bookrunners.
The directed new share issue generated a large interest and has been carried out to selected Swedish and international institutional investors.
Through the directed new share issue, the company will raise approximately SEK 1.5 billion before issue costs.
Sinch intends to mainly use the proceeds to increase the company’s financial flexibility for new acquisitions.
On the 26th of March Sinch announced the acquisition of Wavy, a leading business messaging provider in Latin America for a total cash consideration of BRL 355 million and 1 534 582 new shares in Sinch.
Moreover, Sinch is continuously evaluating potential acquisitions. The increased financial flexibility that the share issue entails strengthens the company’s position as a relevant and competitive buyer.
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