Apax and Nordic Capital’s Capio lists in SEK 6.8bn IPO

The IPO priced Capio's shares at SEK 48.50 apiece and saw the GP's holding vehicle place 34.1% of the company's share capital in free float, corresponding to SEK 2.33bn. The total value of the partial exit will be around SEK 2.5bn, provided the 3.4% over-allotment option is exercised.

Exiting funds include the €1.9bn Nordic Capital Fund VI (2006), the €4.3bn Apax Europe VI vehicle (2005) and the €700m Apax France VII fund (2006).

Capio said the offering was substantially oversubscribed, which was supported by the fact the number of shares placed in the offering was near the top of the 25-37.5% free float range suggested in the intention to float.

Ahead of the commencement of trading, the placement of significant stakes with Swedish institutional investors had already been announced: R12 Kapital, the Fourth Swedish National Pension Fund, Swedbank Robur Fonder, and Handelsbanken Fonder have acquired stakes of 6.2%, 5.5%, 5.5% and 3.2%, respectively.

Although the listing price is substantially below the SEK 15.6bn (€1.72bn) Nordic Capital and Apax paid to take the company private in December 2006, it follows a partial realisation in 2011, which saw Capio divest its Spanish hospital unit to CVC for €900m. Additionally, the GPs also sold off the company's UK subsidiary for £193m in September 2007.

Capio was trading up slightly on its opening price after trading began on the Stockholm Stock Exchange, despite the market opening with a predicted fall due to the crisis in Greece.

JP Morgan and SEB were joint global coordinators, as well as joint bookrunners alongside Carnegie and Deutsche Bank.

Previous funding
Apax and Nordic Capital took Capio private in a joint deal in December 2006, paying SEK 15.6bn for the healthcare provider. A year later, the GPs provided financing for an acquisition of Swedish laboratory and radiology services provider Unilabs.

Nordic and Apax made their first partial realisation in September 2007 when they divested the company's UK subsidiary for £193m. Additional value was realised in January 2011, when Capio's Spanish division, Capio Sanidad, was sold to CVC Capital Partners for €900m.

Company
Founded in 1994, Capio is a Stockholm-headquartered healthcare provider with operations in Sweden, Norway, France and Germany.

The company offers medical, surgical and psychiatric healthcare services in its hospitals. The group employs 12,400 employees and had net sales of SEK 13.2bn in 2014.

People
Thomas Berglund is the president and CEO of Capio.

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• Topics
• Nordics
• Exits
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• Sweden
• Apax France SA
• Apax Partners
• Nordic Capital
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• Unq2015July