Norwegian sports retailer XXL has completed a targeted new share issue of 500 million Norwegian kronor (€43 million), according to a press release.
The subscription price was set at 0.70 Norwegian kronor (€0.06), which aligns with the latest closing price. Among the buyers are venture capital firms Altor, Ferd, and Frasers, all of which are major shareholders in XXL. XXL intends to use the proceeds for general corporate purposes.
In connection with the issuance, it was also announced that Odin has sold all its shares in XXL, while Frasers has increased its holdings by 133.2 million to a total of 362.4 million shares. Subsequently, Frasers owns approximately 21.78 percent of the shares and approximately 27.15 percent of the votes in XXL.
Alongside the issuance, XXL provided a business update. The company anticipates revenue to range between 1.5-1.6 billion Norwegian kronor (€129–137m) in the first quarter.
“Winter conditions have been favorable, and XXL has seen growth in key winter categories such as alpine and cross-country skiing. Sales of non-seasonal products and other capital-intensive items have continued to pose challenges. Limited product availability for key price points and items has also restrained sales potential. However, the gross margin has strengthened compared to the same period in 2023,” XXL stated.
