Thule investor spins off shares in IPO

Nordic sold 26 percent of Thule's 100 million shares to institutional and public investors on the Stockholm exchange. In the U.S., the shares are only available to institutional investors. Underwriting banks also sold an additional 3.9 million shares. Nordic remains the largest shareholder in Thule, owning more than 64 percent of its shares. Thule did not receive any proceeds from the offering, which opened Nov. 28.

“We are very proud of the strong interest we have received from both the institutional investor community as well as from retail investors," said Magnus Welander, the CEO of Thule Group. "This confirms that, during the last five years, we have been very successful in developing Thule Group into a leading branded consumer goods company in the Sport & Outdoor arena and also confirms the support for our future strategy. We look forward to continuing to develop Thule Group as a publicly listed company together with our existing and new shareholders.”