Charge Amps Plans Stock Market Listing Despite Volatile Markets

(Bloomberg) -- Charge Amps AB, a Swedish developer of charging products for electric vehicles, has extended the timeline in which it plans to launch an initial public offering.

“Right now we have volatile markets, so it makes sense to hold off until the timing is better,” the company’s chief executive officer, Anders Bergtoft, said by phone. “But we’re all set and we are still planning for the IPO this year.”

Previously, Charge Amps had guided for a listing during the first half of 2022. The decision over when to go public comes as the company raised 150 million kronor ($15.8 million) in fresh capital to boost an expansion across Europe.

New investors in the latest capital raise include Concejo AB, LMK Group AB and Quinary Investment AB. The directed share issue also saw existing investors OK Ekonomisk Forening, Skelleftea Kraft and Swedbank Robur participate.

Bergtoft says the additional funds will be used to finance growth in the Nordic region, as well as other European countries such as the U.K., Germany and Spain, where it aims to become a market leader.

The money will also “create a buffer that allows the company to keep up the momentum ahead of the initial public offering,” the CEO said.

Founded 10 years ago, Solna-based Charge Amps has now produced more than 100,000 charge points in 15 countries. Last year, the company raised 130 million kronor and saw its sales increase by 145% to 254 million kronor. 

The electric charging developer has a 25% market share in Sweden, making it the second biggest company in its home market behind GARO AB, according to Bergtoft. “But we’re growing faster than them and it’s our ambition to become number one in our home market,” he said.

And while Russia’s invasion of Ukraine may have impacted the timing around the company’s IPO plans, “the market growth for electric vehicles will only accelerate now that gasoline and diesel prices are so high,” Bergtoft said. 

ABG Sundal Collier AB has been hired for the possible IPO and also acted as sole global coordinator and bookrunner for the latest private placement.

©2022 Bloomberg L.P.