Norvestor-backed Crayon sets IPO price range

This would correspond to an equity value of between NOK 1.16-1.34bn, according to a statement.

The shares are expected to start trading on the exchange from 8 November. According to a statement, the final number of offered shares will depend on the final offer price.

Crayon intends to raise gross proceeds of approximately NOK 340m by issuing new common shares. It aims to use NOK 150m of the net proceeds to repay parts of its outstanding senior secured bonds; by reducing its leverage, the company intends to support its growth strategy.

The flotation will include the sale of Norvestor's existing shares, as well as minority shareholders in the company, which comprises up to 20,800,000 existing shares. In addition, the private equity house and certain minority shareholders will grant DNB Markets an overallotment option to purchase up to an additional 15% of the final aggregate shares offered.

At final pricing, the IPO is expected to cover between 55-57% of the share capital if the overallotment option is not used, and between 63-66% of the share capital if it is used in full.

The selling shareholders agreed on a six-month lock-up period following the first day of trading.

Carnegie and DNB Markets, a part of DNB Bank, are acting as joint global coordinators and joint bookrunners in the IPO. Danske Bank's Norwegian branch is acting as joint bookrunner and Sparebank 1 Markets is acting as joint lead manager.

Crayon delisted in 2012 following Norvestor's acquisition, which valued the company at €109m. 

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