STOCKHOLM, July 3, 2026, 12:01 CEST
- Sivers traded back near its SEK 57 placement price after Thursday’s break below it.
- Since the deal was announced, share turnover has reached about 3.1 times the new shares sold in the placement.
- The SEK 700 million raise is about 11 times Q1 net sales, shifting the near-term investor question from cash risk to revenue conversion.
Sivers Semiconductors AB (publ) STO:SIVE shares traded at SEK 57.40 at 1130 GMT+2, up 17.14%, after opening at SEK 52.55. That put the stock just above the SEK 57 price used in the company’s SEK 700 million directed share issue, after the shares closed at SEK 49.00 on Thursday.
Nasdaq Stockholm was in a regular session at the dateline time. Its main-market equities hours are 0900-1730 local time, and July 3 is not listed among Stockholm’s 2026 closed days or half days.
The cleaner read is turnover. MarketScreener’s five-day table showed 17.09 million Sivers shares traded on Wednesday, 14.99 million on Thursday and 5.68 million by late Friday morning. That is 37.76 million shares, or about 3.1 times the 12.28 million new shares sold in the placement.
| Post-placement tape | Figure |
|---|---|
| New shares sold | 12.28 mln |
| Placement price | SEK 57.00 |
| July 1 volume | 17.09 mln |
| July 2 volume | 14.99 mln |
| July 3 volume by late morning | 5.68 mln |
| Turnover since July 1 / new shares | 3.1x |
| Thursday close vs issue price | -14.0% |
| Friday near-midday price vs issue price | +0.7% |
That matters because the dilution was small on paper, at about 3.3% on a fully diluted basis, but the secondary market has already traded several times the placement size. The issue price has become the near-term line for the stock, not because it is a valuation model, but because it is where new institutions came in.
Sivers was still moving on a different tape from the Stockholm benchmark. MarketScreener put the stock up 16.12% on the day but down 9.87% over five days, while OMXS30 was up 0.61% on the day and up 2.42% over five days.
| Instrument | Latest cited level | Day move | Five-day move | 2026 move |
|---|---|---|---|---|
| Sivers Semiconductors | SEK 56.90 | +16.12% | -9.87% | +1,274.58% |
| OMX Stockholm 30 | 3,229.86 pts | +0.61% | +2.42% | +12.03% |
The raise is large against the operating base. Sivers reported Q1 net sales of SEK 61.9 million, down 22% year on year, adjusted EBITDA of minus SEK 13.8 million and operating cash flow of minus SEK 49.2 million. The company also said its opportunity pipeline had grown 77% year to date to $799 million.
| Operating scale check | Figure | Read-through |
|---|---|---|
| Gross proceeds from placement | SEK 700 mln | 11.3x Q1 net sales |
| Q1 net sales | SEK 61.9 mln | Down 22% year on year |
| Q1 operating cash flow | SEK -49.2 mln | Raise equals 14.2x Q1 outflow |
| Opportunity pipeline | $799 mln | Up 77% YTD |
Chief Executive Vickram Vathulya said the raise would help Sivers “increase InP manufacturing capacity” and said work on a potential U.S. listing was still aimed at completion over the “next few quarters”. The company said proceeds would go to InP lasers and optical amplifiers, field resources and R&D. Sivers Semiconductors
In a Redeye note carrying analyst Jacob Benon’s name, the firm called the deal a “value-accretive outcome” and said near-term financing risk was “non-existent” after the raise. Redeye also upgraded its financial rating on Sivers to 3 from 2 and lowered its WACC assumption to 12% from 13%. Cloudinary
Sivers said it undertook a 120-day lock-up on future share issues after the placement. CEO Vathulya, CFO Heine Thorsgaard and shareholding board members Bami Bastani, Karin Raj and Todd Thomson remain under sale lock-ups tied to the April 16 directed issue until July 16.
