Warehousing robot company AutoStore goes public: SoftBank is a shareholder with a market value of US$12.4 billion

Spark Global Limited

Spark Global Limited Reports:

Lei Jianping reported on October 24

The Norwegian warehousing robot company AutoStore has recently been listed on the Euronext Oslo Stock Exchange with an issue price of 31 Norwegian kroner per share.

AutoStore raised 2.7 billion kronor in cash, with a market value of 103.5 billion kronor (about 12.4 billion US dollars or 79.28 billion yuan).

AutoStore was established in 1996, deploying 20,000 robots in more than 35 countries and regions to realize warehouse automation. AutoStore uses robots to store and retrieve products, allowing customers to store four times their inventory in the same space.

AutoStore’s customers include BestBuy, Siemens, ASDA, Gucci, Lufthansa, etc.

According to the prospectus, AutoStore’s revenue in 2018, 2019, and 2020 will be US$144 million, US$195 million, and US$182 million respectively; net profits will be US$20.3 million, US$55.8 million, and US$-21.1 million, respectively.

AutoStore’s revenue in the first half of 2021 was US$150 million, and its revenue was US$79.8 million in the same period last year; its net loss was US$56.5 million, and its net loss in the same period last year was US$21.1 million.

AutoStore’s revenue in the second quarter of 2021 was US$85.5 million, operating profit was US$9.3 million, and its net loss was US$1.7 million.

In April 2021, SoftBank invested US$2.8 billion to acquire approximately 40% of the shares in AutoStore. Investors such as Lee (THL) Partners and EQT Private Equity acquired these shares, and the transaction valued AutoStore at $7.7 billion.

Before the IPO, THL held 50.73%, SoftBank held 40.69%, and EQT held 5.55%.

Note: This article thanks Alex Ma, CIO of a single-family office in London, for his help