Accent and CapVest launch NOK 1.4bn IPO of RenoNorden

The IPO will occur on the Oslo Stock Exchange and is expected to raise NOK 309m in gross proceeds, which will be used to repay the principal of a shareholder loan.

Approximately 52% to 65% of RenoNorden will be floated, though this could be increased to as much as 75% if the overallotment option is exercised.

CapVest and Accent will retain 13-27% and 8-17%, respectively, while individuals in the company's management will retain at least three-quarters of their shares.

Shares are expected to begin trading on either Olso Børs or Oslo Axess on or around 16 December, priced between NOK 39-53.

Danske Bank is acting as Sole Global Coordinator for the Offering, while Carnegie, Danske Bank and DNB Markets are acting as joint bookrunners.

The IPO comes three years after CapVest and Accent acquired RenoNorden from Norvestor in a 2011 MBO.

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