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IRRAS to launch IPO on Nasdaq First North Premier

IRRAS AB is launching an IPO on Nasdaq First North Premier in Stockholm.

The Stockholm-based medical technology company will issue up to 350 million Swedish kroner in new shares, which will trade under the ticker IRRAS.

The shares will be offered within the price range of 45 kroner to 50 kroner.

Existing shareholders Serendipity Ixora AB (publ) and Vandel Medical Equipment Ltd. have agreed to subscribe for 35 million kroner in shares.

Assuming full subscription of the offering and full exercise of the overallotment option, the offering will amount to 402.5 million kroner.

Trading of IRRAS' shares on Nasdaq First North Premier is expected to commence Nov. 22. The expected settlement date is Nov. 24. Nasdaq Stockholm admitted the shares Nov. 13, subject to certain conditions.

The offering is conditional upon it generating proceeds of at least 260 million kroner after issue expenses.

The company will use proceeds of the float to finance its next phase of commercialization, to expand the platform for its IRRAflow external drainage device system, and to diversify its ownership structure.

ABG Sundal Collier AB serves as the sole global coordinator of the offering. Vator Securities AB acts as the financial adviser.

As of Nov. 13, US$1 was equivalent to 8.39 Swedish kroner.