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ADIDAS AG

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Adidas to Invest $3.7 Million in Spinnova IPO

06/10/2021 | 03:44am EDT

By Dominic Chopping

Finnish sustainable textile material company Spinnova Oyj said Thursday that Adidas AG has agreed to invest 3 million euros ($3.7 million) in the company's contemplated initial public offering.

Spinnova, which is planning to list on the Nasdaq Helsinki First North Growth Market, said it has developed technology to make textile fibre out of wood or waste, such as leather, textile or food waste, without harmful chemicals.

It said its patented Spinnova fibre creates zero waste and side streams or microplastics, and involves minimal CO2 emissions and water use.

Spinnova has a continuing joint development collaboration with Adidas and through today's commitment Adidas intends to secure access to significant volumes of Spinnova materials in the future, it added.

The company's cornerstone investors include certain funds managed by entities owned by Aktia Bank PLC, certain funds managed by WIP Asset Management Ltd, certain funds managed by DnB Fund Management, Ilmarinen Mutual Pension Insurance Company, certain funds managed by Pareto Asset Management, certain funds managed by Sp-Fund Management Company Ltd and adidas Ventures BV.

These cornerstone investers have in total committed to subscribe for shares totaling EUR58 million in the contemplated offering at a pre-money equity value of up to EUR275 million, conditional on the company raising gross proceeds of at least EUR100 million from the offering.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

06-10-21 0343ET

Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG -0.02% 290.65 Delayed Quote.-2.42%
DJ INDUSTRIAL -0.21% 33874.24 Delayed Quote.10.91%
NASDAQ COMP. 0.13% 14271.7325 Delayed Quote.9.72%
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Financials
Sales 2021 21 659 M 25 828 M 25 828 M
Net income 2021 1 482 M 1 767 M 1 767 M
Net cash 2021 649 M 774 M 774 M
P/E ratio 2021 38,4x
Yield 2021 1,12%
Capitalization 56 696 M 67 721 M 67 610 M
EV / Sales 2021 2,59x
EV / Sales 2022 2,35x
Nbr of Employees 54 722
Free-Float 86,9%
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Mean consensus OUTPERFORM
Number of Analysts 37
Last Close Price 290,65 €
Average target price 312,81 €
Spread / Average Target 7,62%
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Managers and Directors
NameTitle
Kasper Bo R°rsted Chief Executive Officer
Harm Ohlmeyer Chief Financial Officer & Labor Director
Thomas Hermann Rabe Chairman-Supervisory Board
Martin Shankland Head-Global Operations
Herbert Kauffmann Member-Supervisory Board
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