Penneo: Growth-Funding Secured – Redeye


Yesterday Penneo announced a private placement of approximately DKK 60m, which corresponds to ~15% of its market capitalization and not the 5-10% range earlier communicated thanks to greater interest from institutional investors. As the capital raise was expected, we see it as positive, as it removes short-term financing uncertainty to a discount of just ~6.5% to the current share level, leaving our base case of DKK 32 unchanged.