Clean Motion AB's application for listing of its shares for the admission of trading on Nasdaq First North got approved by Nasdaq Stockholm AB last week. The trading started on May 26th. Before the listing, the subscription period was approximately 2.17 million USD. In total, the issued amount was 1.31 million USD. The subscription rate was thus approximately 600%. The board decided to take advantage of the subscription option, which meant that the issued amount was increased to 2.8 million.
Clean Motion AB is a Swedish Cleantech company that develops, manufactures and sells electric vehicles for a sustainable urban environment. The company's vision is to develop resource-efficient vehicle solutions based on the best available technology and make them available to all. The company's first product, Zbee, is a lightweight three-wheeled vehicle with extremely high energy-efficiency, which not only have a minimal impact on the climate, but also create a good economy.
- We're in a very exciting phase where we see the listing on Nasdaq as a natural step in our development. The interest in our public offering has been great. As Nasdaq now has approved our application for listing we look forward to the first day of trading which will attract an even greater interest in our activities both in Europe, Indonesia and India, said Göran Folkesson, CEO of Clean Motion.
- The public response in the IPO, which was oversubscribed by 600%, reflects that we are on the right path on building a sustainable business. The premium service that is offered in Gurgaon, India, can be replicated all across the country and the same model also has global potential. Zbee will make a great change into eco friendly everyday transport. I'm personally very pleased with the progress we have achieved so far and very excited about what we can achieve in the future, said Anil Arora, Country Head of Zbee India.
Given the huge population and pollution issues in India, the public transport system is under immense pressure to deliver clean and efficient solutions for urban mobility. There has been considerable progress by way of organized corporate public transport and metro rail services in major Indian cities. But their efficiency is limited by the lack of last and first mile connectivity to passenger destinations.
Zbee fits in as a perfect complement to these services. Rather than struggle with out-dated fossil fuel guzzlers, commuters now have a clean, safe and efficient way to get to their destination. Zbee has already started operating a premium cluster with a strategic tie up in DLF CyberHub, Gurgaon. Plans to expand rapidly to other formats such as The DLF Mall, Saket and Mall of India, Noida are in progress.