{"title": "Northern IPOs: Norrhydro and LapWall | Yrjö Trög and Jarmo Pekkarinen | Negotiator 136", "titleOriginal": "Pohjoisen listautujat Norrhydro LapWall | Yrjö Trög Jarmo Pekkarinen | Neuvottelija 136", "episodeNumber": "136", "guest": "Yrjö Trög, Jarmo Pekkarinen", "publishedAt": "2022-05-07", "duration": "44:29", "durationIso": "PT44M29S", "youtube": "https://www.youtube.com/watch?v=LDQcIo_KG8k", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/184-pohjoisen-listautujat-norrhydro-lapwall-yrjo-trog-jarmo-pekk", "originalLanguage": "fi", "format": "full", "topics": ["investing_markets", "ownership_capital_tax", "ma_exits"], "description": "Two Northern Finnish First North listings at the same table, six months after the offering. Yrjö Trög of Norrhydro and Jarmo Pekkarinen of LapWall explain how the price was set through anchor investors, why anchors were over-collected as insurance, and how scaling and the over-allotment option worked in practice: Norrhydro's 8 million euro offering drew 56 million in subscriptions and LapWall's was 8.8 times oversubscribed. Also here: NorrDigi's promise for the electrification of hydraulics, LapWall's LEKO system and its 70 per cent share of warm roof elements, a failed export push into Sweden, and why construction is fifty years behind other industries.", "chapters": [{"t": "00:00", "title": "The guests, Yrjö Trög and Jarmo Pekkarinen, introduce themselves", "seconds": 0}, {"t": "00:53", "title": "What Norrhydro does in Rovaniemi", "seconds": 53}, {"t": "01:46", "title": "Hydraulic cylinders, and NorrDigi's future value", "seconds": 106}, {"t": "02:50", "title": "LapWall, and the trademark fight over the LEKO name", "seconds": 170}, {"t": "03:20", "title": "Timber elements, and construction moving into factories", "seconds": 200}, {"t": "04:02", "title": "What sizes the elements and the cylinders come in", "seconds": 242}, {"t": "05:02", "title": "How the share price has moved since listing", "seconds": 302}, {"t": "06:10", "title": "Anchor investors and pricing the offering", "seconds": 370}, {"t": "07:12", "title": "Scaling back, the over-allotment option and an 8.8 times oversubscription", "seconds": 432}, {"t": "08:11", "title": "People's shares, and thousands of new owners", "seconds": 491}, {"t": "08:39", "title": "Where the name LapWall came from", "seconds": 519}, {"t": "09:27", "title": "Pyhäntä, and the listed companies of Northern Finland", "seconds": 567}, {"t": "09:56", "title": "Why the new factory stayed in Rovaniemi", "seconds": 596}, {"t": "10:53", "title": "The small-town philosophy in the engineering industry", "seconds": 653}, {"t": "11:31", "title": "LapWall's acquisitions in Pälkäne and Veteli", "seconds": 691}, {"t": "13:17", "title": "A 70 per cent market share in warm roof elements", "seconds": 797}, {"t": "14:14", "title": "Walls and roofs weatherproofed by a single supplier", "seconds": 854}, {"t": "14:48", "title": "Airports and Wärtsilä as references", "seconds": 888}, {"t": "15:32", "title": "The Motiomax deal and Norrhydro's acquisition strategy", "seconds": 932}, {"t": "16:44", "title": "Norrhydro's customer segments, and NorrDigi's role", "seconds": 1004}, {"t": "17:45", "title": "Why an electric motor does not replace hydraulics", "seconds": 1065}, {"t": "19:31", "title": "Electrification and NorrDigi's market potential", "seconds": 1171}, {"t": "20:06", "title": "The long design cycles of machine builders", "seconds": 1206}, {"t": "20:35", "title": "LapWall's Swedish expedition, and what it taught", "seconds": 1235}, {"t": "22:37", "title": "Export readiness, and the size of the Finnish market", "seconds": 1357}, {"t": "23:23", "title": "Culture eats strategy for breakfast", "seconds": 1403}, {"t": "23:33", "title": "Experiences in Korea, and the Asian market", "seconds": 1413}, {"t": "24:49", "title": "The Rovaniemi factory serves Europe", "seconds": 1489}, {"t": "25:17", "title": "Exporting through Finnish customer relationships", "seconds": 1517}, {"t": "25:45", "title": "Fragmentation in construction, and the dishonest operators", "seconds": 1545}, {"t": "26:15", "title": "A Ponsse background, and Einari's book", "seconds": 1575}, {"t": "26:49", "title": "Entrepreneurship and the stock exchange together", "seconds": 1609}, {"t": "27:14", "title": "Norrhydro is looking for a new chief executive", "seconds": 1634}, {"t": "27:50", "title": "LapWall's ownership base, and professional management", "seconds": 1670}, {"t": "28:51", "title": "A target of 70 million in revenue by 2026", "seconds": 1731}, {"t": "29:17", "title": "The modular experiment, and why the world was not ready", "seconds": 1757}, {"t": "30:46", "title": "Construction is fifty years behind other industries", "seconds": 1846}, {"t": "31:17", "title": "Standard products as the precondition for factory production", "seconds": 1877}, {"t": "31:47", "title": "Offering proceeds going into digital technology and automation", "seconds": 1907}, {"t": "32:07", "title": "House factories against a product industry company", "seconds": 1927}, {"t": "33:35", "title": "What the prototype did to production volume", "seconds": 2015}, {"t": "33:54", "title": "Customer tailoring, and outsourcing by machine builders", "seconds": 2034}, {"t": "35:07", "title": "A complete system with intelligence in it, at five times the price", "seconds": 2107}, {"t": "36:28", "title": "Automation in the new factory, and lean flow", "seconds": 2188}, {"t": "37:30", "title": "Flexibility in mixed-series production", "seconds": 2250}, {"t": "38:38", "title": "What they would do differently in the listing", "seconds": 2318}, {"t": "39:22", "title": "Unnecessary documentation, and digital marketing", "seconds": 2362}, {"t": "40:07", "title": "The anchor investor meetings decided the offering", "seconds": 2407}, {"t": "40:58", "title": "LapWall's offering in a falling market", "seconds": 2458}, {"t": "42:07", "title": "Thirty per cent of the staff are shareholders", "seconds": 2527}, {"t": "42:33", "title": "The cost of listing, and the missing concept", "seconds": 2553}, {"t": "43:17", "title": "The nerve to press the button in an uncertain world", "seconds": 2597}, {"t": "43:49", "title": "Closing words and thanks", "seconds": 2629}], "sourceTranscriptType": "none", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and the publisher's own chapter marks, translated one for one. The marks are genuine: fifty-three of them, with gaps from ten seconds to nearly two minutes, tracking the recording rather than a grid. No transcript is published here — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. Both guests led companies that had listed six months earlier and are describing their own offerings and their own share price; the episode is promotional in that respect and nothing in it is investment advice. Norrhydro's share offering event is the one produced by the guests of EP141 of this same programme. Figures, targets and ownership are those of spring 2022.", "coreTheses": ["The anchor investor meetings, not the roadshow, decided both offerings — the price was effectively set before the retail book opened.", "Over-collecting anchors is insurance against the book failing, and it is paid for in scaling that annoys everyone who subscribed.", "An electric motor does not replace hydraulics; NorrDigi's claim is about making the hydraulics electric, which is a different and narrower proposition.", "Construction lags other industries by decades because its products are not standard, and factory production requires standard products before it requires automation."], "slug": "ep136-pohjoisen-listautujat-norrhydro-lapwall-trog-pekkarinen", "guestsCanonical": ["Yrjö Trög", "Jarmo Pekkarinen"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/yrjo-trog/", "https://www.neuvottelija.com/podcast/guests/jarmo-pekkarinen/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep136-pohjoisen-listautujat-norrhydro-lapwall-trog-pekkarinen/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep136-pohjoisen-listautujat-norrhydro-lapwall-trog-pekkarinen/index.md", "captions": null, "transcript": null, "videoId": "LDQcIo_KG8k", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep136-pohjoisen-listautujat-norrhydro-lapwall-trog-pekkarinen/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep136-pohjoisen-listautujat-norrhydro-lapwall-trog-pekkarinen/"}