Affärsvärlden is not tempted to subscribe to Prisjakt, which is set to be listed on First North on October 23.
The subscription price is SEK 31 per share, valuing the company at SEK 675 million.
Prisjakt is one of the leading providers of price comparison services in the Nordic region.
“Prisjakt is coming to the stock market at a price that looks almost suspiciously low. But behind the bait price is a business with heavy dependence on Google, rapid AI development and question marks over how sustainable the high profitability is,” the newspaper writes.
Affärsvärlden finds a red flag in the offering as part of its review of IPOs. It concerns questionable incentives. The company created a special preference share the day before the multibillion lawsuit against Google, which will receive the majority of any damages. The holders of preference shares and the holders of ordinary shares therefore have different interests in how the proceedings and any settlement are handled.
The newspaper notes that of the eight most recent Swedish stock market listings, only one share is trading above its subscription price.
“Overall, we are not tempted to subscribe to Prisjakt and will follow developments from the sidelines,” Affärsvärlden writes, giving it a neutral rating.
