ISS mulls third IPO attempt

A spokesperson for Copenhagen-based ISS confirmed that an IPO is "an option" for the company but that no decision has been taken. The potential IPO is likely to take place on the Copenhagen Stock Exchange next year with a possible dual listing in London. A source close to the situation told unquote" that preparation work for an IPO has been undertaken.

ISS has attempted to list twice previously. EQT scrapped plans to return the company to the public markets in 2007 due to pre-2008 crisis market instability. There were market speculations regarding a possible IPO and sale with Apax as potential buyers, but nothing materialised and there was no formal intention to float (ITF) process involved.

The owners of ISS tried to list the company again in March 2011. An ITF was made but right before final pricing the attempt was postponed. The week the company was supposed to go public, it was unclear whether Tokyo had to be evacuated, due to the severe Japanese earthquake that year. In late 2011 a reverse takeover by G4S was aborted as it did not receive investor approval.

Founded in 1901, ISS is a facility services company that provides cleaning, support, property, catering, security and facility management services in Europe, Asia, the US, Latin America and across the Pacific. The company had a turnover of close to €10bn in 2012.

EQT and Goldman Sachs acquired ISS for €2.9bn in 2005. In August 2012, Ontario Teachers' Pension Plan and Kirkbi Invest acquired a 26% stake in ISS for DKK 3.7bn. EQT and Goldman Sachs remained majority owners after the deal. ISS appointed Sir Charles Allen as chairman in August, which was seen at the time as suggesting an impending IPO.

Agilitas backed the MBO of the ISS Damage Control division from ISS Group in June this year.

EQT declined to comment.

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