Light-shaping company Profoto goes public

Longtime lighting company Profoto Holding AB went public on the NASDAQ in Stockholm July 1, under the ticker symbol “PRFO.” Profoto shares are offered to the public in Sweden and to institutional investors in Sweden and abroad. After a day of trading, the stock closed at 84 kr ($9.8 per share). With 40,000,000 shares outstanding, put Profoto’s market capitalization at SEK 3.36 billion (about $392 million).

The company said, in mid-June, anchor investors are Lannebo Fonder, Svolder, Herenco Holding, and Strand Kapitalförvaltning, which pledged to subscribe for shares for SEK 500 million. The subscription price is SEK 66 per share at that time, which corresponds to a SEK 2.64 billion market value.

According to “Interim Report Q1 2021” on its website, Profoto recorded first-quarter net sales of about $17.8 million, a 13%  increase compared to the first quarter of 2020. Quarterly net profit was $3.6 million for the quarter.

Profoto Holding was founded in 1968. Anders Hedbark is CEO and Hans Eckerström is Chairman of the Board of Profoto. Last year, the company had net sales of SEK 528 million with 91 employees, according to a press release.