(Bloomberg) --
Swedish Logistic Property AB saw its share price jump by nearly 50% after the company became the year's first initial public offering to trade on the main market in Sweden.
The logistics properties landlord, which is backed by Swedish real-estate magnate Erik Selin, sold 27.8 million new shares in its trading debut on Nasdaq Stockholm at a valuation of 4.9 billion kronor ($470 million). In early trading on Wednesday, the stock had jumped to 39.7 kronor per share versus a subscription price of 27 kronor.
The gains will be seen as a bright spot in an otherwise cloudy atmosphere across much of Sweden's equity capital market. The Nordic nation was the busiest for IPOs in the European Union in 2021, but activity has failed to pickup after the seasonally slow month of January amid the invasion of Ukraine and losses in the benchmark stock index.
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