EQT-backed Terveystalo sets IPO pricing

The firm announced on 14 September that it was intending to list on the Helsinki Stock Exchange.

EQT currently holds around 79.7% of the shares. Depending on how many shares the GP sells, it would own between 11.3-15.8% post IPO, Terveystalo said in a statement.

The market cap would stand at up to €1.25bn, with the IPO itself valued at up to €876m. The firm intends to raise gross proceeds of €100m by offering a minimum of 10,245,902 and a maximum of 10,305,533 new shares in the company, it said in a statement.

Carnegie Investment Bank, Morgan Stanley and SEB will act as the joint global coordinators and joint bookrunners. Jefferies International and OP Corporate Bank will act as joint bookrunners. The subscription period for the public offering is expected to commence on 28 September and to end at the latest on 6 October.

EQT acquired Terveystalo via its fifth buyout fund from Bridgepoint in September 2013 for a reported €650m, according to unquote" data. A consortium of seven banks including Nordea, GE Capital, Unicredit, Partners Group, Pohjola Bank, SEB and Swedbank provided a €400m all-senior debt package to support the deal.

Bridgepoint acquired Terveystalo in February 2009 for €162m in a transaction that did not include a debt component.

Founded in 2001, Terveystalo was formed when Medipa Clinics and Vaajakosken Lääkäriasema merged with Suomen Terveystalo Group. The group subsequently grew organically and through acquisitions. The firm reported an operative EBITDA of €73m for 2016. It employs a staff of 4,445.

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