Affärsvärlden has issued a neutral recommendation for cooling systems company APR Technologies in an analysis published on Monday.

The company was directly listed, with its first trading day on Spotlight taking place on January 13. It is a research-based firm aiming to transition into an industrial manufacturing company.

APR Technologies' core technology includes micropumps for liquid cooling, used in electronics that generate significant heat. The technology was originally developed for the space industry, but APR now aims to expand into sectors such as telecommunications, batteries, and data centers.

"We are not sufficiently enticed to be interested in buying shares in APR," writes Affärsvärlden, giving the stock a three out of six rating on its scale for speculative companies, which should be interpreted as a neutral recommendation.