STOCKHOLM, July 3, 2026 — Sivers Semiconductors AB (STO:SIVE) shares climbed back above the issue price of its recent SEK 700 million directed share offering, closing in on SEK 57.40 in midday trading on Friday, a 17.14% gain from the prior close. The recovery follows a sharp drop on Thursday that saw the stock break below the SEK 57 placement level, closing at SEK 49.00.
The stock opened Friday at SEK 52.55 and by 11:30 GMT+2 had risen to SEK 57.40, putting it 0.7% above the issue price. The move comes after the company completed a SEK 700 million capital raise, selling 12.28 million new shares at SEK 57 each.
Turnover Tells a Broader Story
While the share price recovery is notable, market participants are focusing on the heavy trading volume. According to data from MarketScreener, 17.09 million Sivers shares changed hands on Wednesday, 14.99 million on Thursday, and 5.68 million by late Friday morning. The cumulative turnover since the deal was announced amounts to 37.76 million shares, or approximately 3.1 times the 12.28 million new shares issued in the placement.
This level of turnover suggests that the secondary market has already absorbed and traded several multiples of the new supply, indicating strong investor interest but also potential volatility around the issue price.
Context of the Capital Raise
The SEK 700 million infusion is substantial relative to the company’s operational scale. Sivers reported first-quarter net sales of SEK 61.9 million, down 22% year-over-year, with an adjusted EBITDA loss of SEK 13.8 million and operating cash outflow of SEK 49.2 million. The raise represents approximately 11.3 times the quarterly net sales and 14.2 times the first-quarter operating cash burn.
Chief Executive Vickram Vathulya stated that the proceeds will be used to increase indium phosphide (InP) manufacturing capacity, as well as fund field resources and R&D. The company also confirmed it is still working toward a potential U.S. listing, aiming for completion over the “next few quarters.”
Pipeline and Analyst Outlook
Sivers noted that its opportunity pipeline had grown 77% year-to-date to $799 million, providing a growth narrative that underpins the capital raise. Analysts at Redeye, in a note carrying analyst Jacob Benon’s name, described the deal as a “value-accretive outcome” and said near-term financing risk was “non-existent” post-raise. Redeye upgraded its financial rating on Sivers to 3 from 2 and lowered its weighted average cost of capital (WACC) assumption to 12% from 13%.
Market Performance and Lock-Up Provisions
Despite the day’s gains, Sivers shares are down 9.87% over the past five days, underperforming the OMXS30 index, which gained 2.42% over the same period. The company has implemented a 120-day lock-up on future share issues following the placement. CEO Vathulya, CFO Heine Thorsgaard, and board members Bami Bastani, Karin Raj, and Todd Thomson remain under sale lock-ups tied to the April 16 directed issue until July 16.
The SEK 57 issue price has become a key technical level for the stock, not because it reflects fundamental valuation, but because it represents the entry point for new institutional investors. The heavy turnover and price recovery suggest that the market is testing this support level, with the next few sessions likely to determine whether the stock can sustain its position above the placement price.
