Gro-backed Trifork to list in €400m IPO

The company, which announced its intention to float earlier this month, has priced its IPO at DKK 150 per share, corresponding to a total market value of DKK 2.962bn (€397m).

The planned exit comes six years after software investor Gro invested €6m in Trifork for a 20% stake via Gro Fund I. Other shareholders include founder and CEO Jørn Larsen, with a 23.98% stake; Kresten Krab Thorup Holding with 17.6%; and the management. Following the offering, Larsen is expected to remain the largest shareholder.

Trifork said in a statement that it stands to receive around DKK 120m in net proceeds, which it will use for M&A in Denmark, the Netherlands, Switzerland and the UK, as well as to explore opportunistic expansion, strengthen investments in companies in which the group holds non-controlling interests, and for general corporate purposes.

Carnegie, Credit Suisse and Danske Bank are acting as joint global coordinators and joint bookrunners, while Plesner and Davis Polk & Wardwell London are providing legal advice to Trifork. 

The listing continues the trend of PE-backed IPOs to have taken place in the Nordic region since the second half of 2020.

Company
Founded in Denmark in 1996 and now headquartered in Feusisberg, Switzerland, Trifork is an IT service with a focus on financial technology, digital health and "smart buildings", with operations mainly in Denmark, the Netherlands, the UK and Switzerland.

The company in 2020 had revenues of €140-150m and adjusted EBITDA of €23.7-28.5m. 

People
Trifork – Julie Galbo (chairperson); Jørn Larsen (founder, CEO).

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