BEWI ASA Fortifies Balance Sheet with EUR 75 Million Equity Raise
August 22, 2025, 3:33 pm
Location: Norway
BEWI ASA significantly strengthened its financial position. The company successfully executed a EUR 75 million private placement. This capital raise involved issuing 44.8 million new shares at NOK 20.00 each. It unfolded in two distinct tranches, gaining strong backing from key investors. A share lending arrangement facilitated initial settlements. Major shareholder BEWI Invest AS adjusted its temporary holdings. Simultaneously, BEWI announced a subsequent "repair offering." This aims to offer up to 3 million new shares to eligible existing shareholders excluded from the private placement. The moves follow solid Q2 2025 performance, particularly in packaging. BEWI focuses on enhancing its balance sheet and supporting strategic initiatives, including potential acquisitions. The company navigates market shifts with improved financial agility and a clear path for future growth.
BEWI ASA, a prominent international provider of packaging, components, and insulation solutions, recently completed a substantial equity raise. This strategic maneuver infused EUR 75 million (approximately NOK 896 million) into the company. The capital will bolster BEWI's balance sheet. It will also support general corporate purposes. This financial strengthening arrives amidst mixed market signals but strong internal performance.
The capital raise followed BEWI's Q2 and first-half 2025 results. The company reported stable net sales of EUR 208 million for the second quarter. This matched figures from the previous year. Adjusted EBITDA saw a 13 percent rise, reaching EUR 22 million. The packaging business demonstrated robust growth. It provided a stabilizing force for the group. Higher volumes in fish boxes, HVAC systems, and automotive components drove this strong performance.
Conversely, BEWI's insulation sector faced a more cautious market. Sales declined modestly in Q2. Recovery lagged in specialized markets like Benelux and Germany. Nordic and Baltic regions, focused on commodity products, showed better signs. This disparity impacted the segment’s EBITDA margin. Despite the varied performance, BEWI aims to leverage its efficient operational platform as markets recover.
The company's board initiated a contemplated private placement. DNB Carnegie and Nordea Bank Abp acted as joint bookrunners. This private placement sought to raise the EUR 75 million. The offer price for new shares was set at NOK 20.00. This price emerged from a bookbuilding process. The bookbuilding period commenced on August 20, 2025, and concluded on August 21, 2025.
Key investors showed early support. BEWI Invest AS, a major shareholder with over 51% ownership, committed to its pro-rata share. HAAS AS and Kverva Industrier AS also pre-committed. This broad investor backing signaled confidence. The private placement targeted Norwegian and international investors. A minimum application amount of EUR 100,000 was set. Exceptions for smaller allocations existed under specific regulations.
The private placement was structured in two tranches. Tranche 1 encompassed 38,344,458 new shares. These represented 20% of BEWI's current outstanding shares. The company's board approved the issuance of Tranche 1 shares. These shares were slated for delivery around August 25, 2025. They became tradable upon allocation.
Tranche 2 involved an additional 6,455,542 shares. This tranche completed the total EUR 75 million raise. Its issuance required approval from an extraordinary general meeting (EGM). The EGM is scheduled for September 11, 2025. Delivery of Tranche 2 shares is expected around September 15, 2025. These shares will become tradable following EGM approval and prospectus publication.
To facilitate prompt settlement of Tranche 1 shares, BEWI Invest AS engaged in a share lending agreement. It temporarily lent 21,039,345 existing shares to DNB Carnegie. DNB Carnegie served as the settlement agent. This ensured a delivery versus payment (DVP) mechanism. BEWI Invest AS's shareholding temporarily adjusted to approximately 40.96% post-Tranche 1 registration due to this loan. However, its ownership will return to above 50% after Tranche 1 issuance. Following full registration of both tranches, BEWI Invest AS will hold 115,263,441 shares, representing about 50.10% of the enlarged share capital.
The private placement deviated from existing shareholders' preferential rights. The board carefully considered this. They concluded the private placement served the company's and shareholders' common interest. The structure allowed for efficient and swift capital acquisition. It provided a market-based offer price. The offer price was approximately equal to the volume-weighted average price (VWAP) on August 20, 2025. It also represented a 5.9% discount to the closing price on that day. Support from major shareholders and reduced transaction risk further justified this approach.
To address the dilution for shareholders excluded from the private placement, BEWI plans a subsequent "repair offering." This offering aims to issue up to 3,000,000 new shares. The subscription price matches the private placement price: NOK 20.00 per share. This could raise an additional NOK 60 million.
The subsequent offering targets specific existing shareholders. These include those not part of the private placement's wall-crossing phase. It also includes shareholders not allocated shares in the private placement. Eligibility excludes residents of jurisdictions where such an offering would be unlawful. The ex-date for receiving subscription rights was August 21, 2025. The record date followed on August 22, 2025.
Several conditions govern the subsequent offering. It requires completion of the private placement, including EGM approval for Tranche 2 shares. Necessary corporate approvals are mandatory. Approval and publication of a prospectus are critical. Prevailing market prices and trading volumes following the private placement will also influence the board's final decision. If BEWI's shares trade at or below the subscription price with sufficient volume, the board may choose not to proceed.
This comprehensive capital raise underscores BEWI's proactive financial management. It positions the company for improved financial resilience. The funds provide flexibility for ongoing operations. They also enable pursuit of strategic growth opportunities. BEWI is actively exploring a potential acquisition. This is currently in early due diligence stages. Such an acquisition would further expand the company's market footprint.
BEWI ASA continues its commitment to a circular economy. Its focus remains on sustainable packaging, components, and insulation. This capital injection reinforces that vision. The company navigates complex market dynamics. It does so with a strengthened financial foundation. This ensures its long-term growth trajectory on Euronext Oslo Børs.
BEWI ASA, a prominent international provider of packaging, components, and insulation solutions, recently completed a substantial equity raise. This strategic maneuver infused EUR 75 million (approximately NOK 896 million) into the company. The capital will bolster BEWI's balance sheet. It will also support general corporate purposes. This financial strengthening arrives amidst mixed market signals but strong internal performance.
The capital raise followed BEWI's Q2 and first-half 2025 results. The company reported stable net sales of EUR 208 million for the second quarter. This matched figures from the previous year. Adjusted EBITDA saw a 13 percent rise, reaching EUR 22 million. The packaging business demonstrated robust growth. It provided a stabilizing force for the group. Higher volumes in fish boxes, HVAC systems, and automotive components drove this strong performance.
Conversely, BEWI's insulation sector faced a more cautious market. Sales declined modestly in Q2. Recovery lagged in specialized markets like Benelux and Germany. Nordic and Baltic regions, focused on commodity products, showed better signs. This disparity impacted the segment’s EBITDA margin. Despite the varied performance, BEWI aims to leverage its efficient operational platform as markets recover.
The company's board initiated a contemplated private placement. DNB Carnegie and Nordea Bank Abp acted as joint bookrunners. This private placement sought to raise the EUR 75 million. The offer price for new shares was set at NOK 20.00. This price emerged from a bookbuilding process. The bookbuilding period commenced on August 20, 2025, and concluded on August 21, 2025.
Key investors showed early support. BEWI Invest AS, a major shareholder with over 51% ownership, committed to its pro-rata share. HAAS AS and Kverva Industrier AS also pre-committed. This broad investor backing signaled confidence. The private placement targeted Norwegian and international investors. A minimum application amount of EUR 100,000 was set. Exceptions for smaller allocations existed under specific regulations.
The private placement was structured in two tranches. Tranche 1 encompassed 38,344,458 new shares. These represented 20% of BEWI's current outstanding shares. The company's board approved the issuance of Tranche 1 shares. These shares were slated for delivery around August 25, 2025. They became tradable upon allocation.
Tranche 2 involved an additional 6,455,542 shares. This tranche completed the total EUR 75 million raise. Its issuance required approval from an extraordinary general meeting (EGM). The EGM is scheduled for September 11, 2025. Delivery of Tranche 2 shares is expected around September 15, 2025. These shares will become tradable following EGM approval and prospectus publication.
To facilitate prompt settlement of Tranche 1 shares, BEWI Invest AS engaged in a share lending agreement. It temporarily lent 21,039,345 existing shares to DNB Carnegie. DNB Carnegie served as the settlement agent. This ensured a delivery versus payment (DVP) mechanism. BEWI Invest AS's shareholding temporarily adjusted to approximately 40.96% post-Tranche 1 registration due to this loan. However, its ownership will return to above 50% after Tranche 1 issuance. Following full registration of both tranches, BEWI Invest AS will hold 115,263,441 shares, representing about 50.10% of the enlarged share capital.
The private placement deviated from existing shareholders' preferential rights. The board carefully considered this. They concluded the private placement served the company's and shareholders' common interest. The structure allowed for efficient and swift capital acquisition. It provided a market-based offer price. The offer price was approximately equal to the volume-weighted average price (VWAP) on August 20, 2025. It also represented a 5.9% discount to the closing price on that day. Support from major shareholders and reduced transaction risk further justified this approach.
To address the dilution for shareholders excluded from the private placement, BEWI plans a subsequent "repair offering." This offering aims to issue up to 3,000,000 new shares. The subscription price matches the private placement price: NOK 20.00 per share. This could raise an additional NOK 60 million.
The subsequent offering targets specific existing shareholders. These include those not part of the private placement's wall-crossing phase. It also includes shareholders not allocated shares in the private placement. Eligibility excludes residents of jurisdictions where such an offering would be unlawful. The ex-date for receiving subscription rights was August 21, 2025. The record date followed on August 22, 2025.
Several conditions govern the subsequent offering. It requires completion of the private placement, including EGM approval for Tranche 2 shares. Necessary corporate approvals are mandatory. Approval and publication of a prospectus are critical. Prevailing market prices and trading volumes following the private placement will also influence the board's final decision. If BEWI's shares trade at or below the subscription price with sufficient volume, the board may choose not to proceed.
This comprehensive capital raise underscores BEWI's proactive financial management. It positions the company for improved financial resilience. The funds provide flexibility for ongoing operations. They also enable pursuit of strategic growth opportunities. BEWI is actively exploring a potential acquisition. This is currently in early due diligence stages. Such an acquisition would further expand the company's market footprint.
BEWI ASA continues its commitment to a circular economy. Its focus remains on sustainable packaging, components, and insulation. This capital injection reinforces that vision. The company navigates complex market dynamics. It does so with a strengthened financial foundation. This ensures its long-term growth trajectory on Euronext Oslo Børs.