Sivers has raised SEK700m at SEK57 per share, with a mere 3.3% dilution, in a multiple times oversubscribed book. Management has used an appreciated share price to raise substantial growth capital on favourable terms, a value-accretive outcome that materially de-risks the investment case. We upgrade our Financial rating from 2 to 3 following the materially strengthened balance sheet, lower our WACC to 12%, and raise our Base Case to SEK6.8.
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