Astrocast Goes Private: CEO Fabien Jordan Explains Strategic Delisting from Euronext Growth

Swiss satellite IoT company Astrocast has delisted from the Euronext Growth Exchange in Oslo, Norway, as part of a strategic move to take the company private. CEO Fabien Jordan shared the reasoning behind this decision in a LinkedIn post on August 20.

Astrocast made history in August 2021 by becoming the first Swiss company to go public on the Euronext Growth Exchange in Oslo through a direct listing. However, Jordan reflected that the timing may not have been ideal. He noted that while the listing provided crucial capital during the company’s pre-revenue phase, the initial enthusiasm waned by 2022, making it increasingly challenging to secure additional funding as a public company.

Jordan also highlighted the challenges of being a Swiss company on the Oslo exchange, particularly given Switzerland’s non-membership in the EU, which limited Astrocast’s access to EU funding. The company had planned to pursue a dual listing on Euronext Growth in Paris but abandoned the idea in 2022 due to a funding drought following Russia’s invasion of Ukraine.

Despite these hurdles, Jordan acknowledged that the Oslo listing played a significant role in helping Astrocast deploy its current constellation of 18 Low-Earth Orbit (LEO) satellites. He noted that the company is now turning its focus to attracting new venture capital, having secured investment from Thuraya last year. Astrocast operates L-band through a strategic partnership with Thuraya.

Jordan emphasized the company’s recent growth, citing a 300% increase in commercial traffic on its satellite network since January and a 1000% rise in annual recurring revenue. He admitted that delisting was a complex and unprecedented move, but it has reopened the door to venture capital funding. The company is actively seeking new investors interested in supporting a lean, deep-tech startup under favorable conditions.

Have you read?
Highest-Paid Athletes in the World.
Largest stock exchanges in the world by market capitalization.
Countries with the largest air forces in the world.
Best European destinations to travel to as a student.
Largest Cities in Africa.