Intera-backed Kamux to float at 680-800 cents per share

The preliminary price range suggests a market cap of €253-297m through the offering of 2,852,853 new shares and 10,097,366 existing shares. Intera also has the right to increase the number of existing shares for sale by up to 4,101,616. There is also an overallotment option allowing the issue of 2,557,774 additional shares in the event of oversubscription.

The company intends to raise gross proceeds of around €21m from the share issue. The new capital will be used to support growth of the company's inventory and international expansion, as well as digitalisation of internal and customer-facing systems.

Intera first announced plans to list Kamux on 7 June 2016 at a price range of 680-820 cents, but the IPO was cancelled after revelations that the company had not paid several years' worth of payroll tax and other social security costs.

Up to 78.2% of the company could be put in free float this time around if the maximum number of sale shares are sold and the overallotment provision is fully exercised. This is a marked increase from the 36.4% maximum that was set for the failed 2016 IPO.

Four investors have agreed to provide a combined €60m cornerstone investment ahead of the IPO, providing the total subscription price does not exceed €200m. Swedbank Robur Fonder and Elo Mutual Pension Insurance will each provide €20m, and Etera Mutual Pensions Insurance Company and Fondita Fund Management Company will provide €10m each.

Trading is expected to commence on the pre-list segment of the Helsinki Stock Exchange on or around May 12 and on the official list of the Helsinki Stock Exchange on or around May 16.

Kamux generated revenues of €405m in 2016, with adjusted operating profit of €18m. It employs a full-time staff of 272.

SEB is acting as lead manager for the IPO, with OP Corporate Bank as co-manager. White & Case are providing legal advice to Kamux, while Roschier is doing the same for Intera.

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