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Axcel's Nordic Waterproofing to float on Nasdaq Stockholm

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Nordic Waterproofing, an Axcel-backed Swedish waterproofing business, has announced its intention to float within the next month.

In February 2011, Axcel acquired Trelleborg Waterproofing (TWP), the roofing operations of Trelleborg, for an enterprise value of €70m. It subsequently created Nordic Waterproofing by merging the Swedish and Danish waterproofing subsidiaries of Trelleborg's and Lemminkäinen's roof installation businesses. The company markets its products and solutions under nine brands in around 10 EU countries.

The company and its owners have decided to diversify the shareholder base via a sale of existing shares, having applied for those to be listed on Nasdaq Stockholm. The price of the offering is expected to be set within the SEK 66-67 range, corresponding to a total market value of issued shares of around SEK 1.6-1.8m.

The offering comprises a maximum of around 12 million shares in Nordic Waterproofing, corresponding to 50% of the total number of existing shares offered by Axcel, Kirkbi and members of the executive and management team.

If both the increase and overallotment options are fully exercised, the offering will comprise up to 16.6 million shares, corresponding to approximately 69% of the company's total number of shares.

The total value of the offering is worth around SEK 855m and would reach up to SEK 1.18bn if both the increase and overallotment options are fully exercised.

AMF, Carnegie Fonder and Swedbank Robur Fonder have agreed to acquire shares representing 15.8% of the total number of shares in the company and 22.8% of the total number of shares in the offering.

In connection with the offering, the company will issue 967,884 new shares. The bookbuilding period for institutional investors starts on 31 May and is expected to close on 9 June. Trading is expected to begin on 10 June and settlement is expected to take place on 14 June.

ABG Sundal Collier and Carnegie are acting as global coordinators and joint bookrunners. Moelis & Company is the financial adviser to Nordic Waterproofing and Axcel. Roschier is acting as legal adviser to Nordic Waterproofing, Axcel and Kirkbi, while Gernandt & Danielsson is the legal adviser to the joint global coordinators and joint bookrunners.