Ratos sets date and price range for Arcus IPO

The buyout house said in a release that Arcus had set a price range of NOK 39-45 per share ahead of the flotation, implying a market cap between NOK 2.725-3.025bn, valuing Ratos's shareholding at NOK 1.625-1.875bn.

Ratos said it and other shareholders in Arcus intend to divest around 36-65% of the total number of existing shares in Arcus, while also issuing new stock in the IPO. The listing will see up to 19.8 million new shares issued by the company, adding to the 18.1 million existing shares in Arcus.

The IPO will feature an 11% up-size option, as well as a greenshoe of up to 15% of the total number of shares in the offering. Provided both are exercised in full, the value of the offering would be around NOK 2.194bn and see 75% of the company placed in free float.

During Ratos's ownership, the GP claims Arcus saw annual sales growth of around 11%, growing from NOK 863m in 2005 to NOK 2.47bn in 2015. The adjusted EBITDA grew from around NOK 31m to NOK 274m in the same period, according to figures provided by Ratos.

ABG Sundal Collier and SEB are the joint global coordinators and joint bookrunners for the flotation, while Carnegie acts as joint bookrunner. Advokatfirmaet Wiersholm is the legal adviser to Arcus and Ratos.

Further reading

• People

Ratos loses second deputy CEO with Jungner departure

• 14 Nov 2016

• Performance

Ratos takes SEK 1.7bn hit to portfolio

• 14 Oct 2016

• Exits

Ratos makes 2.2x on SEK 1.8bn MCC exit

• 11 Nov 2016

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