3i makes £10m on Eltel overallotment

The option was composed of 3.3 million shares and the sale brings 3i's total proceeds from Eltel's listing on NASDAQ Stockholm in early February to £86m.

3i retained a 14.3% stake in the company after the IPO, which saw Eltel valued at SEK 4.26bn.

Following the exercise of the option, 3i and other investors – including BNP Paribas – own a combined 20% stake in Eltel. 3i's holding amounts to 11.3%, valued at around £44m.

Since its introduction on the Stockholm stock exchange, Eltel's shares have been trading up. Initially priced at SEK 68, the stock closed at SEK 73 on the day, and after a small drop on the next day of trading, it rose to a closing price of SEK 77.50 on February 18.

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