Nordic Capital's Resurs valued at SEK 11bn in IPO

Mikkel Stern-Peltz
03 May 2016

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Nordic Capital-backed Swedish consumer finance company Resurs was valued at SEK 11bn in its Stockholm IPO on Friday.

The GP sold 43 million shares in the offering, reaping SEK 2.36bn in the process for its Nordic Capital VII fund.

Having announced the intention to float Resurs in early April, the company's shares were priced at SEK 55 apiece in the offering, resulting in a SEK 11bn market cap. Nordic Capital, management and the Bengtsson family sold a combined 37.3% stake in Resurs in the IPO with no new shares issued, exercising the overallotment option in full. The share sale brought in SEK 4.1bn in proceeds for the two selling parties.

Resurs itself received no proceeds from the SEK 4.1bn reaped in the flotation, which was cornerstoned by Swedbank Robur funds, AP2 and Handelsbanken Fonder with a combined 11.5% stake.

Following the partial exit, Nordic Capital will retain a 33.6% stake in Resurs, which is subject to customary lock-up agreements.

So far in its first week of trading, Resurs' share has remained stable at around SEK 55 apiece.

Carnegie, Goldman Sachs and Morgan Stanley were joint global coordinators and joint bookrunners, with SEB joining as joint bookrunner. Latham & Watkins and Swedish law firm Mannheimer Swartling acted as legal advisers to Resurs and the main shareholders, while Sundling Wärn Partners provided financial advisory services. Linklaters was the legal adviser to the coordinators and bookrunners.

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

Company
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 the 2015 financial year.

Advisers
Vendor – Latham & Watkins (legal); Mannheimer Swartling (legal); Carnegie (corporate finance); Morgan Stanley (corporate finance); SEB (corporate finance); Goldman Sachs (corporate finance).