Nordic Capital’s Europris valued at NOK 8.7bn ahead of IPO

Tweet
Facebook
LinkedIn
Google plus
Send to

Nordic Capital-owned Norwegian value retailer Europris will raise between NOK 7.2bn and NOK 8.7.bn in its upcoming IPO.

A price range of NOK 43-53 per share has been set for the company, which will float on the Oslo Stock Exchange on 19 June. The free float is expected to be 35-57.5%, if the over-allotment option is fully subscribed.

Nordic Capital and management will sell 24.3-39.3% of Europris, alongside an issuance of up to 19.8 million new shares that is intended to raise NOK 850m.

The GP will face a customary 180-day lock-up period following the IPO.

The partial exit comes three years after the the firm acquired Europris from IK Investment Partners in 2012, through the Nordic Capital's Nordic Capital Fund VII. IK had bought the company in a €300m MBO eight years prior.

ABG Sundal Collier and Goldman Sachs are joint global coordinators, and will also act as joint bookrunners alongside SEB and Merrill Lynch. Europris and management have engaged Moelis & Company as financial advisers.

Selmer and Latham & Watkins are the legal advisers to Europris and Nordic Capital, while Advokatfirmaet Thommessen and Cleary Gottlieb Steen & Hamilton are providing legal advice to the joint bookrunners.