Apax and Nordic Capital to list Capio

The divesting shareholders will be Nordic Capital Fund VI, Apax Europe VI and Apax France VII, which will exit nine years after they jointly acquired Capio in a SEK 15.6bn take-private. The float will be the second time the GPs realise value in Capio, having sold its Spanish division Capio Sanidad to CVC for €900m in 2011.

The IPO is expected to be offered at a fixed price of SEK 48.5 per share, with SEK 750m worth of new shares being issued as part of the listing. A total of between 25% and 37.5% of Capio will be in free float after the offering, including 20% which has already been subscribed to by institutional investors.

Four long-term investors: the Fourth Swedish National Pension Fund (AP4); Swedbank Robur Fonder; Handelsbanken Fonder; and R12 Kapital, have committed to becoming cornerstone investors in Capio. The quartet will acquire a total of around 20% of the company's shares in the listing, with R12 taking 6.2%, AP4 and Swedbank Robur Fonder 5.5%, with Handelsbanker Fonder taking 2.9%.

The prospectus is expected to be published around 17 June, with trading expected to begin on or around 30 June.

JP Morgan and SEB are joint global coordinators, as well as joint bookrunners alongside Carnegie and Deutsche Bank. Rothschild is the financial adviser to Capio, Nordic Capital, Apax Europe and Apax France. Mannheimer Swartling and Davis Polk are acting as legal advisers to Capio and the vendor.

Capio is a Stockholm-headquartered healthcare provider with operations in Sweden, Norway, France and Germany. The company offers medical, surgical and psychiatric healthcare services in its hospitals. The group employs 12,357 employees and had net sales of SEK 13.2bn in 2014.

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