Initial public offering 2017

The initial public offering of Gofore Plc (‘Gofore’ or ‘Company’) has ended. Subscription period began on 6 November 2017. The public offering was oversubscribed multiple times and according to the terms of the initial public offering the Company decided to suspend the public offering on 13 November 2017 at 4:30 pm.

The Company issued a total of 1,610,000 new shares in the Company (the “New Shares”) (the “Primary Offering”), in addition to which certain existing shareholders in the Company offered 1,768,175 shares in the Company for sale (the “Sale Shares”) (the “Secondary Offering”) (the New Shares and the Sale Shares together the “Offer Shares” and the Primary Offering and the Secondary Offering together the “IPO”). The Primary Offering and Secondary Offering involved the offer of 3,378,175 shares in total to institutions in Finland (‘Institutional Offering’), private persons and organisations in Finland (‘Public Offering’), and group personnel and management (‘Personnel Offering’).

The subscription price was EUR 6.35 per share for the Public Offering and Institutional Offering and EUR 5.72 per share for the Personnel Offering. The Company’s net proceeds through the Primary Offering are estimated to stand at approximately MEUR 8.9 after the deduction of related costs. The proceeds will be mainly used to implement Gofore’s growth-oriented strategy. Among other purposes, the funds can be used as consideration in corporate transactions, for promoting Gofore’s organic growth, and for general corporate purposes.

The IPO was 3.2 times oversubscribed. The Public Offering was 3.0 times over-subscribed, the Personnel Offering 1.2 times oversubscribed and the Institutional Offering 3.6 times over-subscribed. The shares available for institutional investors in the Institutional Offering after minimum allocation agreed with the cornerstone investors, Ilmarinen Mutual Pension Insurance Company and Varma Mutual Pension Insurance Company, were 7.0 times oversubscribed.

The subscription commitments given in the Public Offering will be accepted in full up to 100 Offer Shares and for approximately 23.8 percent of the subscription commitments exceeding this amount. The commitments given in the Personnel Offering will be accepted in full up to 500 Offer Shares and for approximately 81.0 percent of the subscription commitments exceeding this amount.

The Offer Shares were allocated as follows:

  • preliminarily up to 750,000 Offer Shares to investors in the Public Offering
  • preliminarily up to 350,000 Offer Shares to investors in the Personnel Offering
  • preliminarily up to 2,278,175 Offer Shares to investors in the Institutional Offering

Trading of the Company’s shares commenced in the First North Finland marketplace on 16 November 2017. The share trading code of the shares is “GOFORE” and the ISIN code FI4000283130.

Important dates

Subscription period began 6 November 2017 at 9:30 am
Subscription period was suspended and the Public Offering, the Personnel Offering and the Institutional Offering were closed 13 November 2017 at 4:30 pm
Release of final result 15 November 2017
Trading on Company shares began on First North 16 November 2017

Gofore in brief

Established in 2002, Gofore is a company specialising in digitalisation. Gofore has experienced strong growth to date, and is seeking further growth. We offer modern services that help operators in the public and private sectors to face digital change. Our services cover the entire value chain – from management consultation to service design and implementation, as well as cloud services. Our mission is to change the world for the better through digitalisation and by renewing ways of working.

Staying on top and leading the development  of digitalisation services requires us to be fast, regenerative and competitive. We have already accumulated 15 years of experience in these areas. We believe that we are the best partner to serve our clients on the path to digital change.

In our rapidly-developing world, companies must meet their customers’ needs by investing in digital services and service design. Gofore has made active efforts to seize the changing markets and expand its service offering to meet the emerging needs.

Adapting to the changing operating environment and taking advantage of new opportunities in the best possible way requires sweeping cultural changes – organisational structures, management and work practices must be restructured alongside service development.

We help our customers navigate the changes and create the foundation for continuous development in all phases of digitalisation.


The Company and the Lead Manager Evli Bank Plc had prepared the above listed material in connection with the IPO. The Company or Evli Bank Plc have not authorised any third parties to provide information or recommendations related to the IPO on their behalf. Evli Research Partners Ltd which belongs to the same group as the Lead Manager Evli Bank Plc, prepared an independent company research report  which it has placed available on its website at The company research report  has been prepared independently by Evli Research Partners Ltd and expresses their views.


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