IK's TCM Group to float in Copenhagen

The IPO would bring IK's two-year ownership to a close, after the GP acquired the company through a secondary buyout from Axcel in December 2015. IK purchased the kitchen producer via its IK Small Cap I Fund, which held a final close on €277m in March 2016.

"TCM Group has already surpassed the five-year investment case IK planned for when the fund invested in the business. A listing is therefore a natural next step for the company and provides access to international capital markets. The IK Small Cap I Fund will remain a shareholder after an IPO," IK Investment partner Kristian Carlsson Kemppinen told unquote".

Carnegie Investment Bank and Danske Bank have been mandated to act as joint global coordinators. Together with ABG Sundal Collier Denmark, they will act as joint bookrunners in the intended offering.

TCM posted revenues of DKK 602m for the first nine months of 2017. It expects net sales for its current financial year to be in the range of DKK 795-805m. The firm employs a staff of 434 people.

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