(Bloomberg) -- Swedish online pharmacy Apotea AB surged in its debut in Stockholm on Friday, showing strong demand for one of the Nordic nation’s biggest initial public offerings this year.
Apotea shares gained 46% to 84.44 Swedish kronor ($7.78) at 9:51 a.m. local time, an increase from the IPO price of 58 kronor. The group’s offering raised about 1.64 billion kronor.
Friday’s listing follows shortly after the October debut of Sveafastigheter AB, the residential housing division spun from landlord SBB, signaling a return in demand for IPO activity in Sweden. The local stock market was Europe’s second-most active in 2021, but has since languished as the central bank started hiking interest rates to tame soaring inflation.
Other Swedish companies are also moving ahead with plans to go public, including real estate group Intea Fastigheter and a possible IPO by lender NOBA Bank Group AB.
Founded in 2011, Apotea is one of Sweden’s largest online pharmacies. It delivers over-the-counter products and prescription drugs for humans and animals, and also offers medical advice via email, online chat and telephone.
Cornerstone investors include Capital Group, Nordea Asset Management and Ramsbury Invest, the investment vehicle of the founding family behind Swedish fast-fashion giant H&M AB. Carnegie Investment Bank AB and Skandinaviska Enskilda Banken AB led the share sale.
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