Hilbert Group is expanding its directed share issue from SEK 46 million to approximately SEK 53 million following subscriptions from three new U.S. investors. Previously, Helena Partners and a crypto-native foundation joined the company as strategic anchor investors.
Hilbert Group AB, listed as HILB B on Nasdaq, carried out a directed share issue in May 2026 of 11.7 million new shares at a subscription price of SEK 3.935 per share, raising approximately SEK 46 million. A directed share issue means that new shares are sold to selected investors rather than through a public offering where all existing shareholders have preemptive rights. The company has now decided to expand the share issue further, after three new U.S. investors expressed interest in participating on the same terms.
The three new U.S. investors are subscribing for a total of 1.76 million shares at the same subscription price as in the initial share issue. The expansion was finalized after the company's legal advisors confirmed that the investors' participation would not trigger registration or filing obligations for Hilbert Group in the United States, thereby increasing total gross proceeds from approximately SEK 46 million to around SEK 53 million.
When the initial share issue was carried out in May 2026, Helena Partners — an existing holder of Hilbert's convertible notes — participated as the U.S. equity anchor investor, contributing USD 2 million in fresh equity. In connection with the expansion, Hilbert Group has also agreed with Helena Partners to repurchase notes with a nominal value of approximately SEK 2.5 million, leaving Helena Partners' remaining holding at around SEK 25 million. Hilbert Group states that its objective is to retire the entire convertible loan, and further repurchases may be considered. Consequently, Helena Partners is gradually transitioning from being a creditor to becoming a pure equity shareholder in the company.
The share issue in May 2026 also included a new strategic investor: an established crypto-native foundation. In parallel with the equity investment, the foundation is in the process of allocating USD 10 million in LP capital — meaning a fund or strategy investment — to Hilbert's Basis+ strategy. According to Hilbert Group, this strengthens the company’s institutional asset management platform and validates its growing position in digital asset investment solutions.
"We are very pleased with the strong support demonstrated by both existing and new strategic investors. Helena Partners' participation as an institutional U.S. anchor investor, through fresh equity, is a strong validation of Hilbert's long-term strategy and growth trajectory. We are also pleased to welcome a highly regarded crypto-native foundation into our investor base and ecosystem. Their parallel commitment to allocate significant LP capital into our Basis+ strategy further underlines the institutional quality and attractiveness of our platform," said Barnali Biswal, CEO of Hilbert Group.
Driving this capital raise is an explicit strategy to prepare Hilbert Group for a future listing on a U.S. market. CEO Barnali Biswal has described this as the company's next development phase, emphasizing institutionalization and operational scaling, with a target of a U.S. listing within the coming year. Portions of the raised capital will be allocated to building governance, reporting, and audit capabilities aligned with the requirements for U.S. publicly traded companies.
The choice of investors also supports this direction: Helena Partners is highlighted as an entity with experience in assisting companies transitioning to the North American public markets, which Hilbert Group has cited as a strategic advantage of the partnership. Furthermore, the company justifies the decision to raise capital by deviating from shareholders' preemptive rights by a desire to diversify and strengthen its shareholder base with strategic and institutional investors, while raising the capital in a time- and cost-efficient manner.
Sources: Hilbert Group
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