Apax's Evry sets IPO price range

Amedeo Goria
07 June 2017

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Apax Partners-backed Evry, a Norwegian IT company, has announced a NOK 31-39 share price range for its upcoming IPO.

Following the announcement of its intention to float on the Oslo Børs in May 2017, the company set the price for its initial offering within the NOK 31-39 range. According to a statement, this would correspond to an equity value of between NOK 11.5-13.6bn. The final pricing for the transaction is expected to take place on 20 June with conditional trading commencing on the following day. According to a statement, the final number of offered shares will depend on the final offer price.

The flotation will include the sale of Apax's existing shares, to be offered via its Lyngen Bidco newco, and new shares. At final pricing, the IPO is expected to cover 33% of the total number of shares, with an additional 16.6% to be sold under an up-size option. The company stated the up-size option would include the sale of up to 7.5% of the total number of shares, while the overallotment option includes up to 15% of the number of new shares.

Should the share price settle at the mid-point of the indicative range, the business will float up to 46.9% of its share capital including the over-allotment facility and up to 55.5% of share capital when including the up-size option. In this case, Apax will retain a 44.5% ownership at completion of the IPO.

The company aims to use the proceeds to repay outstanding debt as part of a refinancing plan.

The selling shareholders agreed on a 180-day lock-up period following the transaction. ABG Sundal Collier, Goldman Sachs International and Morgan Stanley & Co International are acting as joint global coordinators and joint bookrunners, while Credit Suisse Securities, DNB Markets and UBS are acting as joint bookrunners during the bookbuilding process.

The company delisted in 2015 following Apax's acquisition of an 88% stake for NOK 3.8bn.

The business is headquartered in Norway and has 8,200 full-time employees as of March 2017. In 2016, the company reported operating revenues of NOK 12.2bn and adjusted EBITDA of NOK 1.58bn, according to the company's website.