Ratos confirms September IPO for Inwido

Ratos expects an exit gain on the listing day of around SEK 1.18bn – calculated at the mid-point of the share price range.

Using this figure, Ratos expects an IRR of approximately 15% and a multiple of close to 3.3x on the investment, having invested nearly SEK 1.125bn in Inwido over the lifespan of its ownership.

Ratos will initially offer 55% of the total number of shares in Inwido to the Swedish public and institutional investors at SEK 63-74 per share. The GP has options to increase the offering to a total of 74.7% of the shareholding, or 43,330,464 shares.

Currently owning 96.7%, Ratos's ownership will be no less than 21.5% after the offering, if it is fully subscribed and overallotment options are exercised. If only the base offering is used, Ratos's stake in the company will be 41.3%.

Ratos revealed the IPO plans for the Swedish company earlier this month, and the offering price is expected to be announced on 26 September.

Applications from the public to buy shares is scheduled to take place between 16 and 24 September, with institutional investor bookbuilding expected to finish a day later.

Carnegie and Handelsbanken Capital Markets are joint lead managers and bookrunners on the deal, while SEB is co-lead manager. Mannheimer Swartling is the legal adviser on the offering, while Sundline & Wärn is the financial adviser.

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