Nordic Capital to list Resurs in Stockholm

In its ITF, the company said it is planning to list at a currently unspecified date within Q2, dependent on market conditions.

Ahead of the IPO, three cornerstone investors have agreed to acquire a combined 11.5% of the shares to be in free float post-listing – provided Resurs' market cap does not exceed SEK 12bn. The breakdown of cornerstone commitments are Swedbank Robur funds with 5%, AP2 taking 3.5% and Handelsbanken Fonder with the remaining 3%.

Resurs' listing will provide a partial exit for Nordic Capital VII - which will be subject to typical lock-up arrangements - and other major shareholders the Bengtsson family. If the IPO goes ahead, it will be the second exit by IPO for Nordic Capital VII in Q2 2016, alongside the upcoming listing of Finnish discount retailer Tokmanni.

The exit will come four years after Nordic Capital took a 55% stake in Resurs through an MBO from the founding Paulson family.

Carnegie, Goldman Sachs and Morgan Stanley have been chosen to run the process as joint global coordinators and joint bookrunners, with SEB joining as joint bookrunner as well. Latham & Watkins and Swedish law firm Mannheimer Swartling have been appointed as legal advisers to Resurs and the main shareholders, while Sundling Wärn Partners are providing financial advisory services. Linklaters will provide legal advice to the coordinators and bookrunners.

Headquartered in Helsingborg, Resurs is a retail finance company facilitating consumer loans and insurance products, among other offerings, through a network of partners. Operating across the Nordic region, the company had a loan portfolio of SEK 18.2bn at the end of 2015 and posted an operating income of SEK 2.37bn in FY 2015.

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