Electric Scooter Firm Voi Picks Banks for Nordic IPO

(Bloomberg) -- Swedish electric scooter startup Voi Technology AB has picked banks to arrange a planned initial public offering, people with knowledge of the matter said. 

The Stockholm-based firm is working with Carnegie Investment Bank AB and Citigroup Inc. on preparations for the share sale, according to the people. It is considering listing on a Nordic exchange, the people said, asking not to be identified because the information is private. 

Voi operates scooter rentals in cities across continental Europe and the U.K. It’s attracted interest as demand for alternatives to public transport shot up during the coronavirus pandemic. The company raised $115 million of fresh funding in December from investors including Raine Group and VNV Global.

The Swedish startup is targeting to achieve a market capitalization of well above $1 billion in the IPO, the people said. Voi is considering listing as soon as the second half of this year, though the deal could get pushed into 2023 depending on equity markets, the people said. Russia’s invasion of Ukraine has brought IPOs to a near standstill across Europe. 

A spokesperson for Voi said the company is in the preparatory phase of pursuing an IPO, declining to comment further. Representatives for Citigroup and Carnegie declined to comment. 

Lime, the electric scooter and bike startup backed by Uber Technologies Inc., has said it’s preparing to go public in 2022. Competitor Bird Global Inc. went public by merging with a blank-check company last year.

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