The Fóla partners worked on the successful Zutec IPO.
Zutec Inc. (Ireland) Ltd decided in September 2017 to do an IPO on the Nasdaq First North and successfully listed on March 15, 2018 raising €5m on a pre-IPO valuation of €12m. The last Audit Report (to 30 June 2017) showed annual revenues of €2.4m and profits of €639k.
The IPO offer was structured through a Swedish holding company, Zutec Holding AB. The IPO was oversubscribed and the IPO process was completed in 5 months, meeting the company’s target deadline to coincide with the St Patrick’s Day events planned by Enterprise Ireland, the Government of Ireland, the Embassy of Ireland in Sweden, and the Ireland Chamber of Commerce in Sweden. Nasdaq Stockholm held an “Irish Day” on 15 March to mark the occasion and the visit by Minister Josepha Madigan, TD, Minister and Irish Ambassador to Sweden.
Zutec received extensive media coverage in Ireland & Sweden due to a well prepared communications plan.