Advent, Bain and ATP to float Nets

Mikkel Stern-Peltz
@msternpeltz
01 September 2016

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Advent, Bain Capital and ATP will list Nordic payments group Nets on the Nasdaq OMX Copenhagen exchange in the coming months.

The investors expect the IPO to raise approximately DKK 5.5bn, which will be used to repay existing company debt. Nets' intention to float comes two years after the investors acquired Nets in 2014.

Ahead of the listing, Advent and Bain each own a 43.5% stake each, while ATP, through its ATP Private Equity Partners and Via Venture Partners subsidiaries, owns a 5% stake. The balance is held by co-investors, Nets employees and management.

Deutsche Bank, Morgan Stanley and Nordea are the joint global coordinators and bookrunners for the IPO, while Danske Bank, DNB Markets, JP Morgan and UBS are also acting as joint bookrunners. Carnergie, OP Corporate Bank, SEB, SpareBank 1 Markets and Sydbank Markets have been or are expected to be appointed as co-lead managers, while Lazard has been engaged as financial adviser to Nets.

Headquartered in Copenhagen, Nets employs around 2,400 people across the Nordic countries, Estonia and Latvia. In H1 2016, the company generated around DKK 3.6bn of revenue with EBITDA of DKK 1.2bn before special items.