Spinnova confidentially filed a registration statement for a proposed initial public offering (IPO) in the U.S. The Finnish sustainable materials company intends to dual list on the Nasdaq Capital Market while maintaining its listing on the Nasdaq First North Growth Market Finland.
The company, which produces textile fiber from wood pulp and waste streams, is targeting gross proceeds of at least $1 5 million. Net proceeds are expected to support the ramp-up of its demo facility in Eteläportti, an industrial area and smart technology hub located in the southern part of Jyväskylä, Finland. Funds will also be used to advance the commercialization of its technology, and for general corporate purposes.
The offering is expected to take place after the SEC completes its review process, subject to market and other conditions, including shareholder approval, necessary authorizations from the extraordinary general meeting, and the resolution of the Board of Directors. The company’s Board of Directors has not made any final decisions concerning the execution of the offering.
The company’s shares would continue to trade on Nasdaq First North Growth Market Finland under the trading symbol SPINN and would retain their existing ISIN.
Spinnova is currently in a quiet period ahead of publishing its 2026 half-year report on August 31.
Among the brands Spinnova has partnered with since being founded in 2015 are Adidas, H&M Group, Puma, The North Face, Icebreaker, Ecco, Bergans of Norway, Tommy Hilfiger, Marimekko and Armedangels. In 2021, Adidas agreed to subscribe for €3 million ($3.65 million) worth of shares in the company’s IPO in Finland.
Image courtesy Woodspin
