Webstep ASA was successfully introduced on the Oslo Stock Exchange. The IPO price was NOK 24.50 per share, representing a total value of the Company of NOK 643m, including the NOK 120m new share issue. A few days of trading has validated the IPO price.
Webstep has positioned itself as a leading Norwegian high-end IT consulting firm, with services within a wide range of digitalization solutions and integration, including cloud, machine learning, analytics and Internet-of-Things (“IoT”).
“We are in the time of digitalization and all around us we find public and private players who face this strong trend. Webstep is equipped to help our customers solve and benefit from this opportunity and provide tangible returns for our customers on their IT investments, as well as help them improve their services and develop solutions for the days to come”, says Kjetil Eriksen, CEO of Webstep.
Webstep was established in 2000 and today employs almost 400 people. During Reiten’s ownership revenue more than doubled from NOK 265 million to 575 million (LTM H1 2017), a result of strong organic growth and expansion to Sweden.
“We have been invested in Webstep since 2011, and it has been highly rewarding to work with their skilled organisation and professional employees. As the world is becoming more connected, automated and digitalized, we believe Webstep is very well positioned to benefit from this trend”, Reiten & Co Partner Terje Bakken, comments.
Following the IPO, Reiten & Co Capital Partners VII L.P. will hold a +/- 15% stake, depending on the outcome of the market stabilization mechanism (Greenshoe Option). The Fund’s remaining stake is subject to a six-month lock-up period from the IPO date.