IK's TCM Group sets IPO price range

Following the announcement of its intention to float on the Copenhagen stock exchange in October 2017, the company set the price for its initial offering within the DKK 90-105 range. According to a statement, this would correspond to an equity value of between DKK 900m-1.05bn.

The final pricing for the transaction is expected to take place on 24 November with conditional trading commencing on the same day. According to a statement, the final number of offered shares will depend on the final offer price.

At final pricing, the IPO is expected to cover 70% of the total number of shares, with an additional 10.5% to be sold under an up-size option.

The company said that up to 3,500,000 shares, corresponding to 35% of its share capital, have received commitments from cornerstone investors. These include Swedish pension funds ATP, BI Asset Management Fondsmæglerselskabet, Investeringsforeningen Fundamental Invest, Nordea Investment Management, the Danish branch of Nordea Investment Management, the Swedish branch of Handelsbanken, NyKredit Bank and Spar Nord Bank.

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.

IK acquired the Danish kitchen producer in a secondary buyout from Axcel in late 2015 via IK Small Cap I Fund. The business 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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