EcoOnline begins trading on Oslo exchange

Environmental, health, safety and quality company EcoOnline has listed on the Euronext Growth Oslo as it seeks future growth.

The Nordic company has a strong Irish presence. It has bought two Irish companies in the past three years including Dublin-based Engage EHS, and around a quarter of its 400 employees are based in the Republic.

The company has its eye on further investment in the safety, risk and sustainability markets, with some potential targets believed to be in Ireland.

The IPO values the company at NOK 4.1 billion (€403.5m). The listing was almost three times oversubscribed, with a mix of investors from Europe, the US and the UK. The total transaction size was NOK 1.84 billion, with the primary offering raising gross proceeds of NOK 500 million.

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“The listing on Euronext Growth Oslo is marking an exciting new step forward in our journey, securing an even stronger platform for growth,” said Göran Lindö, chief executive of EcoOnline.

“We are pleased to see that leading institutional investors share our belief in the value of providing solutions for safer workplaces and a better environment is truly gratifying.”

Mr Lindö said the company was well-positioned for future growth.

EcoOnline’s portfolio of companies caters for 6,500 customers in 86 industries.

The Goldman Sachs-backed company has seen significant growth since 2018, tripling its team and the annual recurring revenue base. In April 2020 the business secured new capital from Summa Equity’s Fund II and Goldman Sachs Merchant Banking Division.