Stable first week after EQT’s XXL floats

XXL was priced at NOK 58 per share, valuing the company around NOK 8bn in the offering.

The stock price rose to NOK 62 when trading was opened to the public, and opened on NOK 62.5 Monday morning. Though the share price fell to NOK 61 by Thursday, the stock was still up 1.7% since Friday.

Having announced the flotation in September, XXL completed its IPO last Friday when it sold off 25 million shares, representing around 18.1% of the company.

EQT, through its EQT V fund, sold 18.8m shares worth more than NOK 1bn and retained a stake of 33% in the business it bought in 2010 – though the stake may be reduced if a management overallotment option is exercised. The Swedish GP's remaining stock is subject to a six-month lock-up period.

XXL also sold 20 million newly issued shares, netting NOK 1.94bn, which was used to repay a shareholder loan held by EQT's fund.

Co-investor Dolphin Management sold 4.8 million shares worth NOK 278m, keeping a 24.7% following the IPO.

With the flotation completed – and if overallotments are used – XXL will have 138.5 million shares on issue.

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