The thermal management specialist has raised $25m in the IPO, which valued it at $93m. Asetek will use the funds to develop its data centre business, where it said it expects strong growth going forward.
The flotation followed a strong year for the business, which saw its revenues climb 20 per cent from 2011 to $18.7m.
Last year Asetek shipped 414,000 of its patented sealed liquid cooling units, taking the total shipped to date to over a million units.
Gregers Kronborg, Northzone general partner, said, “Asetek has demonstrated outstanding innovative talent over the past years, and has achieved commercial leadership within the computer cooling segments it has addressed.
“Northzone has brought several quality companies to Oslo Stock Exchange, such as Nextgentel, Stepstone, Mamut and Trolltech, and therefore knows that both local and international institutional investors active in Oslo have the interest and knowledge to invest in promising small cap tech startups.”
Last month Northzone led a €3m investment round into Trac ID Systems, a Norway-based provider of radio frequency identification technology for asset tracking and process optimisation in the oil and gas industry.
Copyright © 2013 AltAssets