Swedish Firm Olink Targets $2 Billion Valuation in U.S. IPO

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Swedish biotech company Olink Holding AB is set to raise as much as $225 million from a primary offering as it seeks a listing in the U.S., according to a filing.

The capital raise, which would give the company a valuation of about $2.1 billion based on the high end of its offer range, forms part of a growing movement of Swedish firms seeking a listing in the U.S. Last month, drink maker Oatly AB confidentially filed for an IPO and there has been speculation that Klarna Bank AB may go public this year.

Olink, in which a majority stake was acquired by private equity firm Summa Equity in 2019, generated sales of $55 million last year, according to the filing. The company was founded in 2004 based on research at Uppsala University that looked into protein analysis.

Olink will use part of the capital to repay its outstanding credit facilities and for general corporate purposes. It may also acquire or invest in additional businesses and assets. The total IPO size will stand at $300 million excluding the over-allotment option, according to the filing.

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