Nordic Capital latest to pull IPO
Nordic Capital has delayed the planned flotation of Swedish auto parts manufacturer FinnvedenBulten, according to reports.
The cancellation is the latest IPO to be affected by the volatile markets following the earthquake in Japan. It is believed that Handelsbanken and Carnegie had been lined up as financial advisers for the process. Nordic Capital acquired Finnveden in a take private transaction in 2004, which valued the company at approximately SEK 2bn.
Finnveden suffered during the financial crisis due to a fall in demand for its products from auto manufacturers. The company generated revenue of SEK 2.6bn in 2010, up from SEK 2.04bn in 2009. Operating profit increased to SEK 114m following a loss of SEK 147m in 2009.
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