Capital market: Norway's robot company AutoStore worth a good 12 billion dollars when it goes public

The Norwegian robotics company AutoStore was valued at more than $ 12 billion when it went public in Oslo.

At the opening on Wednesday, the shares jumped a good 11 percent to 34.50 kroner.

The issue price was 31 crowns.

AutoStore is thus the largest new issue in Norway since 2001, when Statoil - now operating under the name Equinor - went public.

The company, which is co-financed by the Japanese technology investor Softbank and EQT, primarily wants to use the proceeds from the IPO to reduce debt.

AutoStore was founded in 1996.

Around 20,000 of the company's robots are now used in more than 35 countries to stow or fetch products.

Customers include the supermarket chain Asda, Gucci and Deutsche Lufthansa.

In April, Softbank acquired a 40 percent stake in AutoStore for $ 2.8 billion.

The Japanese did not sell any shares in the IPO.

AutoStore had sales of around $ 182 million last year.

In the current year, sales are expected to rise to around $ 300 million.