PE-backed Hemnet plans to list in Q2

The proposed listing comes six years after General Atlantic acquired a controlling stake in the company for around SEK 2bn, according to Reuters.  

According to the publication, General Atlantic is the majority shareholder of Hemnet, with a 60% stake, followed by Sprints Capital, with 17%. Sources also told Reuters that the company was valued at around SEK 10bn (€980m).  

The company's shares will be offered to the general public in Sweden, as well as institutional investors in Sweden and abroad.

Founded in 1998, Hemnet is a property search engine in Sweden. The company in 2020 had revenues of SEK 544.1m and EBITDA of SEK 202m. 

Morgan Stanley, Carnegie and Citigroup are acting as joint global coordinators and joint bookrunners in the IPO. Barclays Bank Ireland and Nordea Bank are acting as joint bookrunners. 

Roschier and Paul Weiss Rifkind Wharton & Garrison are acting as legal advisers to Hemnet, while Linklaters is the legal adviser to the managers.

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• Topics
• Exits
• Nordics
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• General Atlantic