FSN Capital's Bygghemma sets IPO price range

This would correspond to an equity value of between SEK 4.85-5.35bn (€477-526m), according to a statement. The offered new shares are expected to provide Bygghemma Group with gross proceeds of approximately SEK 350m and net proceeds of approximately SEK 321m.

The shares are expected to start trading on the exchange from 27 March under the ticker BHG, and settlement is expected to take place on 29 March.

If exercised in full, the IPO will see FSN partially exit Bygghemma and retain a 44% stake, while current members of the board of directors and executive management will own approximately 10% of the company's shares, based on an offer price set at the mid-point of the price range.

If the full overallotment option is exercised, the offering is expected to amount to SEK 1.913bn, or 37.5% of the total number of outstanding shares in Bygghemma, based on a mid-range initial share price.

Cornerstone investor ATP has committed to acquire up to 3.1%, or SEK 150m, of the outstanding shares in the company, while second cornerstone investor Creades has committed to acquire up to 2.1%, or SEK 100m.

Carnegie is acting as sole global coordinator and joint bookrunner. SEB and Berenberg are acting as joint bookrunners.

Nordic private equity firm FSN Capital acquired Bygghemma in an MBO in October 2016, according to Unquote Data.

FSN tapped its FSN Capital IV vehicle to buy the business from Stockholm-based investment company Nordstjernan and invested alongside Bygghemma's management team in the newco. Nordstjernan had held an 88% stake prior to selling.

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• Topics
• Exits
• Nordics
• Consumer
• Sweden
• IPO
• Partial sale
• FSN Capital