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Carlsquare supported Candles Scandinavia in the IPO, subscribed to 254 percent prior to listing on Nasdaq

1 nov 2021

In the last days of October, the subscription period of Candles Scandinavia’s new issuing, prior to its listing on Nasdaq First North, was concluded. The IPO was heavily subscribed to 254 percent. On November 8, Carlsquare will celebrate when Candles Scandinavia ring the Nasdaq bell for listing.

“It’s a fantastic feeling to see such strong interest from investors in our company. With the capital raised and the upcoming listing, we can increase our production capacity and build an even stronger platform for growth. The IPO has not only given Candles Scandinavia direct capital market access but also created more visibility and credibility towards our stakeholders.”                 

– Viktor Garmiani, CEO, Candles Scandinavia AB


About Candles Scandinavia AB

Candles Scandinavia is a large-scale producer of scented candles made of 100 percent biodegradable, plant-based candle wax. The company offers a sustainable alternative to paraffin-wax, derived from fossil fuels. Candles Scandinavia targets retail chains and brands in fashion, beauty and home furnishings and offers a private label solution.

Paraffin is the most common raw material used in the production of scented candles. Paraffin wax is produced from the fossil fuel oil and, like all fossil fuels, has been criticized for the negative impact it has on the climate, the environment and health. It may therefore seem remarkable that the transition from paraffin to more sustainable alternatives has not progressed further. The explanation is that paraffin is very durable and easy to handle, withstands rapid temperature changes, and is also cost-effective to produce.

Other revenue streams come from the company’s additional segments named Brands and Home Party. Brands involves the exclusive distribution rights in the Nordics of both Yankee Candle and WoodWick, whilst Home Party is based on multi level-marketing of the company’s own brand of scented candles.

The company is now taking the next step and expanding its production of private label products. Demand and order intake are growing steadily as more and more customers become aware of the negative impact of paraffin on climate, environment and health, and that there is now a producer offering a sustainable alternative for large scale production. All production takes place in the company’s premises in Sweden.


Carlsquare AB is the financial partner and Nordic Issuing acts as project manager for the listing. Baker & McKenzie is a legal advisor to Candles in connection with the rights issue. Nordic Issuing also acts as an issuing institution. Amudova AB has been appointed the Company’s Certified Adviser.

Carlsquare supported Candles Scandinavia in the IPO, subscribed to 254 percent prior to listing on Nasdaq