Spinnova plans $15 million U.S. IPO to advance fiber technology

Finnish materials company Spinnova has announced its intention to pursue a U.S. initial public offering (IPO) and a dual listing on the Nasdaq Capital Market. The Jyväskylä-based firm has confidentially submitted a draft Form F-1 registration statement to the Securities and Exchange Commission (SEC).

Spinnova aims to raise at least $15 million to commercialize its wood- and waste-based fiber technology. The company plans to use the net proceeds to expand its Eteläportti demonstration facility, advance technology commercialization, and support general corporate purposes. If the offering proceeds, existing shares will continue to trade on Finland’s Nasdaq First North Growth Market under the ticker SPINN.

The move follows a challenging financial period for the company, which reported 344,000 euros in revenue for 2025 and an operating loss of 41.3 million euros. The expansion of the Eteläportti facility follows Spinnova taking full ownership of the site after Brazilian pulp producer Suzano withdrew from their Woodspin joint venture.