Litorina portfolio company RugVista successfully completes listing on Nasdaq First North Premier


  • RugVista Group (“RugVista”), one of the leading European direct-to-consumer (“D2C”) online platforms within rug sales, today announced the outcome of the initial public offering of its shares on Nasdaq First North Premier
  • The offering attracted very strong interest from Swedish and international institutions as well as the general public in Sweden, and was multiple times oversubscribed
  • The IPO was priced at SEK 125 per share which corresponds to a market capitalisation of c. SEK 2.5 billion
  • Litorina sold 70% of its shares in the IPO including over-allotment and currently holds c. 18% of the total shares in RugVista and remains the largest shareholder of the company

Litorina invested in RugVista (then CarpetVista) in December 2015 with the ambition of creating a leading D2C online platform within rug sales, a niche which still today trails other consumer goods verticals in terms of online penetration. Since Litorina’s entry, RugVista has grown net sales organically at a CAGR of c. 23%, reaching c. SEK 560 million as of 2020. During Litorina’s holding, RugVista has emerged as a leader within the rug industry not only in terms of volume, but also as a responsible company having made significant investments and efforts in establishing responsible procurement practices and supply chain management as well as taking steps towards lowering the environmental impact. Furthermore, RugVista is focused on being an attractive employer by offering a positive work environment with good development opportunities for its employees. Today, RugVista sells rugs and carpets through web shops in 20 different languages which during 2020 attracted some 33 million visits and some 206 thousand orders from customers in c. 55 different countries.

Paul Steene, Partner at Litorina Capital Advisors and board member of RugVista, comments:

“During Litorina’s ownership, RugVista has organically nearly tripled its revenues on the back of significant investments in the organisation, the technology platform as well as logistics setup. We are very proud of what we have accomplished together with the management team and the board and we feel enthusiastic about the future for RugVista. The interest in RugVista’s listing has demonstrated great trust in the company from both private savers and institutions. Litorina looks forward to continuing supporting the company and welcomes all new shareholders taking part in RugVista’s exciting growth journey.”

Michael Lindskog, CEO of RugVista, comments:

“RugVista has, since it was founded in 2005, established itself as one of the leading players in the European online market for carpet and rug sales. We are optimistic about the future based on additional customer segments realizing the benefits of buying our products online, in combination with our ambitious vision and the growth initiatives that we drive. Litorina has supported with valuable resources and knowledge to establish a sustainable platform for future growth. I am grateful for their contribution to date and look forward to continuing the journey as a listed company where I also welcome all new shareholders of RugVista.”

For further information, please contact:

Paul Steene, partner, Litorina Capital Advisors
Tel.: +46 8 545 181 88

Michael Lindskog, CEO, RugVista
Tel.: +46 40 668 81 04

Litorina, founded in 1998, invests in niche market leading companies with headquarters in the Nordics. Litorina partners with management teams and entrepreneurs that want to take their companies to full potential. Litorina aims to build larger, better and more sustainable companies by contributing relevant experience, knowledge, passion and resources to accelerate growth. For more information, please visit

RugVista is one of the leading European direct-to-consumer online platforms within carpet and rug sales through its online stores, available in 20 different languages, using the RugVista and CarpetVista brands. The company was founded in 2005 and offers a broad and relevant range of quality design and traditional carpets and rugs. RugVista Group is headquartered in Limhamn and its operations are divided into three segments: B2C, B2B, and Marketplaces & Other (MPO). The B2C segment represents the consumer market and is the company’s core segment. For more information, please visit

Important information

This press release does not constitute an offer or a solicitation to sell or acquire securities in RugVista in any jurisdiction. The contents of this press release have been prepared by Litorina and Litorina is solely responsible for the contents hereof.

Any offering of the securities referred to in this announcement has been made by means of a prospectus prepared in accordance with Regulation (EU) of the European Parliament and of the Council) 2017/1129 (the “Prospectus Regulation”). This press release does not constitute a prospectus in accordance with the Prospectus Regulation. Investors should not subscribe or deal in securities referred to in this press release other than on the basis of the information included in a prospectus.

Copies of this press release or the information herein may not, wholly or partly, direct or indirect, be distributed or sent to the United States, Australia, Hong Kong, Canada, New Zealand, Japan, Switzerland or South Africa or any other jurisdiction where such distribution would be illegal or require registration or other measures.

The shares in the RugVista have not been registered and will not be registered under the United States Securities Act of 1933 as amended (the “Securities Act”) or under the securities laws of any state or other jurisdiction in the United States and may not be offered, sold or otherwise transferred, directly or indirectly, in or to the United States, except in accordance with an applicable exemption from or through a transaction that is not subject to the registration requirements of the Securities Act and in accordance with the securities laws of the relevant state or other jurisdiction in the United States.

Furthermore, the securities mentioned in this press release have not been registered and will not be registered under any applicable securities law in Australia, Hong Kong, Canada, New Zealand, Japan, Switzerland or South Africa and may, with certain exceptions, not be offered or sold to or within, or on behalf of a person or for the benefit of a person who is registered, resident or located in, these countries. RugVista does not intend to make an offer to the public to acquire the securities mentioned in this press release other than in Sweden, Norway and Finland.

In the EEA Member States, with the exception of Sweden, (each such EEA Members State a “Relevant State”), this press release and the information contained herein are intended only for and directed to qualified investors as defined in the Prospectus Regulation. The securities mentioned in this press release are not intended to be offered to the public in any Relevant State and are only available to qualified investors except in accordance with exceptions in the Prospectus Regulation. Any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will only be processed for qualified investors. Persons in any Relevant State who are not qualified investors should not take any actions based on this press release, nor rely on it.

This press release does not constitute an offer to persons in the United Kingdom to acquire securities. No prospectus has been registered, or will be registered, in the United Kingdom regarding the securities mentioned in this press release. In the United Kingdom, this press release and other material concerning the securities mentioned herein may be distributed and directed only to (i) professional investors covered by Article 19 (5) of the Financial Services and Markets Act 2000 (the Financial Promotion) (the “Order”), (ii) high net-worth entities under Article 49 (2) (a) to (d) of the Order, and (iii) other persons to whom the prospectus may be lawfully served (all such persons are collectively referred to as “relevant persons”). This press release is addressed only to relevant persons and may not be used or invoked by persons who are not relevant persons. All investments or investment activities to which this press release relates are only available to relevant persons and will only be directed to relevant persons. Persons who are not relevant persons should not take any actions based on this press release, nor rely on it.

Forward-looking information

This press release may contain certain forward-looking information and statements that reflect the RugVista’s current views on future events as well as financial and operational developments. Words such as “refer”, “assess”, “expect”, “can”, “plan”, “estimate”, “calculate”, “could” and other expressions that indicate indications or assessments regarding future developments or trends, and which does not relate to historical facts, constitutes forward-looking information. Forward-looking information is inherently associated with both known and unknown risks and uncertainties because it is dependent on future events and circumstances. Forward-looking information does not constitute a guarantee regarding future results or development and the actual outcome may differ materially from what is stated in forward-looking information. Neither Litorina nor RugVista makes any representations about publishing updates or revisions of forward-looking information as a result of new information, future events or similar circumstances other than as provided by applicable law.