Nordic Capital lists Tokmanni in €394m Helsinki IPO

Having sold around 9 million shares in the IPO, the GP told unquote" it will reap around €150m, depending on whether or not the greenshoe option is exercised in full.

The flotation was the second for Nordic Capital on the same day last week, as it simultaneously listed Swedish consumer finance business Resurs in Stockholm. Combined with the GP's realisation of its final stake in Thule, Nordic Capital's Fund VII reaped around €500m in proceeds from public market exits.

Tokmanni priced its shares at 670 cents in the IPO, offering a total of around 23.5 million shares – though a further 3.5 million may be offered as part of the overallotment option, which would bring the free float to 46%. If the overallotment is fully exercised, the selling parties will realise a total of €181m in the offering.

The company will take around €96m from the initial offering, which will be used to repay the principal and interest on its shareholder loans, as well as refinance existing debt.

Post-IPO, Nordic Capital will remain as the largest shareholder in Tokmanni with a 42% stake.

Tokmanni is the second Nordic discount retailer to be floated by Nordic Capital in 12 months, having listed Norwegian value retailer Europris in Oslo last June.

Nordea and Goldman Sachs were joint global coordinators and joint bookrunners in the listing, with Carnegie and Bank of America Merrill Lynch also acting as joint bookrunners.

Previous funding
Nordic Capital acquired 100% of the share capital in Tokmanni through an SBO from Finnish GP CapMan in May 2012.

CapMan first backed the company in November 2004, taking a 60.6% stake.

Company
Founded in 2004, Tokmanni is a Finnish discount goods retailer.

Headquartered in Mäntsälä, the company generated €755m in revenues in 2015 and employs a staff of 3,200.

People
Nordic Capital – Robert Furuhjelm (partner).
Tokmanni – Heikki Väänänen (CEO).

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