Prisjakt is set to be listed on First North on 23 October at a company valuation of SEK 675 million. On 9 October, the company sued Google for SEK 21.4 billion. Prisjakt believes that Google has favored its own price comparison service in search results. The claim is more than 30 times larger than the market capitalization.
The proceeds from any potential victory will primarily go to those who currently own the company. The day before the lawsuit was filed, Prisjakt created a new share class. The preference shares entitle their holders to 80 percent of the company’s net proceeds from the dispute and are not included in the offering. The new shareholders will, according to the company’s own estimate, receive approximately 5 percent of whatever Google may pay, Affärsvärlden writes after reviewing the prospectus.
Prisjakt’s management, led by CEO Peter Greberg, could earn more than SEK 160 million from the company’s lawsuit against Google, the newspaper estimates. All board members also own preference shares.
“It is the board that decides how the company conducts the proceedings and whether it should accept a settlement. The board’s and management’s financial interest in the dispute is therefore much greater than that of the new shareholders,” Affärsvärlden writes.
