Intera’s Kamux cancels IPO after tax revelations

The company was planning to list in Helsinki on 7 June, with the now-scuppered IPO valuing Kamux between €275-332m.

An initial assessment of the outstanding liabilities calculates the total amount due, covering unpaid payroll tax and social security costs including interest and other tax implications, to be around €60,000.

In a statement, Kamux said it had discovered the irregularity during the offer period following the ITF publication and decided to halt the IPO as a result. Kamux's board said it had immediately taken action when it was alerted to the matter by commissioning an outside consultant to investigate the case.

In addition to the missing payroll and social security payments, Kamux is also the target of a compensation claim from a former shareholder, related to the shares' purchase price. The shareholder is claiming €10m in compensation, though the company said it considers both the claim and amount unfounded, and that it had no impact on the decision to withdraw its IPO.

Any investors who had subscribed to the IPO and paid for shares will be refunded in the coming days.

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• Topics
• Exits
• GPs
• Nordics
• IPO
• Finland
• Intera Equity Partners Oy