Altor’s Dustin in SEK 3.8bn IPO

Shares were priced at SEK 50 apiece. If the over-allotment option is fully exercised, the value of the shares listed will amount to around SEK 1.9bn. More than half (51.75%) of the shares will be in free float, and Altor will retain a 34% stake.

Dustin will receive gross proceeds of SEK 250m by issuing new shares in the offering, which saw 29 million shares listed, as well as 5 million new shares issued by Altor. The over-allotment option allows for an additional 15% of the total shares offered to be sold.

14,000 investors have been allocated Dustin shares in what the company claims was a substantially oversubscribed offering. Private investors who applied to buy shares received a minimum of 100 each.

The IPO marks Altor's return to the stock market after the bankruptcy of OW Bunker in late 2014, just seven months after the GP had taken the company to market.

Carnegie and Nordea were joint global coordinators and joint bookrunners in the Dustin IPO, while ABG Sundal Collier and SEB were joint bookrunners.

Previous funding
Altor acquired Dustin in a 2008 MBO which saw the GP take an 80% stake in the company through its 2006-vintage €900m Altor Fund II.

Company
Founded in 1984 and based just outside Stockholm, Dustin is an online-based IT products and services retailer. The majority of its customers are businesses, but the firm does make some consumer sales.

The company reported net revenue of SEK 7.4bn in 2014 with adjusted EBITA of SEK 353m.

Dustin has operations in Scandinavia and Finland, and employs around 960 people.

People
Harald Mix is the founder and managing partner of Altor.

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