Norwegian robotics company AutoStore is set to carve history as the country’s biggest initial public offering (IPO) in two decades to bring its valuation to  103.5 billion crowns or $12.4 billion, Reuters reported.

  • The firm priced its IPO at 31 Norwegian crowns per share or the top of its target range, which will make it the highest IPO in two decades when it goes public on the Oslo Stock Exchange Wednesday.
  • It generated 2.7 billion crowns from the issuances, with owners of the firm such as Thomas H. Lee Partners, EQT, and others selling 15.3-billion crowns worth of stock.
  • Chief Executive Officer Karl Johan Lier said the proceeds from the offering would be used primarily to deleverage debt down to the leverage ratio of 2.5 from the current ratio between 5 and 6.
  • The IPO will become the most valuable listing since Equinor — formerly known as Statoil — was listed in 2001 at a valuation of 151 billion crowns at the time of the offering.

The free float of AutoStore shares will be equivalent to 17.4% of the overall equity after the offering.