Olink tumbles on pricing share offering

Olink Holding AB (publ)

19/01/2023 12:57

** U.S.-listed shares of Olink Holding AB  OLK.O  down 15.4%
at $20.35 premarket as Swedish medtech's overnight equity
offering prices
    ** OLK shares on course for biggest one-day decline since
Jan 6, 2022
    ** Life sciences analytics firm late Weds announced ~5.8 mln
American Depositary shares (ADSs) at $20, 16.8% discount to last
sale  urn:newsml:reuters.com:*:nGNE1lT0RT
    ** OLK sells 4.25 mln ADSs, existing holders offload the
balance of ~1.6 mln ADSs
    ** Co plans to use net offering proceeds for general
purposes, R&D, clinical development, potential acquisitions
    ** Norwegian PE firm Summa Equity, majority owner with ~65%
stake, is not selling shares in offering, per SEC filing
    ** OLK has ~119 mln shares outstanding for ~$2.9 bln market
cap
    ** Last week, co forecast FY 2023 rev to grow 38%-44% on
constant currency basis to $192-$200 mln, and said expects to
return to profitability, measured by EBITDA, this year
    ** Through Weds close, OLK shares down ~5% YTD but have
gained 84% over the past 12 months
    ** Goldman Sachs and JP Morgan acting as lead bookrunners
for equity offering
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))