Nordic Capital’s Thule Group sets IPO price range

The company expects to list on the Stockholm stock exchange on November 26, in an offering valued between SEK 1.92-2.22bn.

Thule will float approximately 26.1% of the total number of shares in the company, though if the overallotment option is exercised, 30% of the company will make it to the stock exchange.

Nordic Capital Fund VI and VII currently own around 92.3% of Thule, but the remaining shareholders will also sell part of their stake, reducing their ownership on a pro-rata basis.

The exit, announced earlier in November, comes seven years after the GP acquired Thule from Candover for €1.3bn in 2007. In the years since, the company has been divesting a series of non-core assets.

Nordic Capital's listing of Thule comes despite a turbulent October for the Scandinavian stock markets and recent market shock brought on by the bankruptcy of Altor-backed OW Bunker just seven months after it was listed by the GP.

Goldman Sachs and Nordea Bank are acting as joint global coordinators and joint bookrunners on the IPO, with Morgan Stanley the third joint bookrunner. Danske Bank and DNB Markets will be co-lead managers on the flotation.

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• Topics
• Nordics
• Exits
• Consumer
• Sweden
• Nordic Capital
• IPO
• Goldman Sachs
• Nordea
• Morgan Stanley