EQT to float XXL in Oslo

While EQT has not announced a date for the listing, EQT partner Anders Misund said he was confident the IPO would be completed before Christmas this year.

ABG Sundal Collier and Goldman Sachs will be joint global coordinators for the IPO and will also run the book alongside Carnegie and Credit Suisse, while DNB Markets will act as joint lead manager.

XXL is joint-owned by EQT and Dolphin Management, with the former holding onto a 65% stake via its EQT V fund. The GP intends to remain a substantial investor in the company after the listing, as does Dolphin.

No price has been set for the shares yet, but only existing shares will be offered, with no emission planned for the sale.

The IPO will comprise a public offering to institutional and retail investors in Norway and a private placement to certain institutional investors internationally.

EQT bought its majority stake in XXL in June 2010 from the company's founding family for an undisclosed sum, though reports suggest the deal netted the Tidemandsen-family around NOK 750m. The family still holds a stake in XXL through Dolphin Management.

XXL has 39 sporting goods stores across Norway, Sweden and Finland, having expanded substantially under EQT's ownership.

Founded in 2001, the Oslo-based company had revenues of NOK 4bn last year, having grown from NOK 2.4bn in 2011. It reportedly managed profits of NOK 1.6bn in 2013 and forecasts suggest revenues were up by 32% in the first half of 2014, compared to the same period last year.

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