FSN's Instalco to float with SEK 2.5bn market cap

The IPO values the company's shares at SEK 55 apiece, with the shares sold valued at a total of SEK 1.1bn.

Following the full exercise of the overallotment option, existing shareholder FSN will hold 19.6% of the total shares in the business. If the overallotment option is not exercised, FSN will retain a 25.3% stake.

According to a statement, the initial offering was oversubscribed and attracted interest from both Swedish and international institutions, as well as the general public in Sweden.

The offering will see 43.7% of the company's shares changing hands, including a 15% share dedicated to the overallotment option.

Cornerstone investors including Swedbank Robur Fonder, Handelsbanken Fonder, Ram One, Carnegie Fonder, Pareto Asset Management and Färna Invest have acquired 49.4% of the total offered shares.

The placement is expected to take place on 15 May 2017.

SEB Corporate Finance acted as global coordinator and joint bookrunner in the offering, while Carnegie Investment Bank acted as joint bookrunner.

Previous funding
FSN backed the founding of the company in February 2014 alongside CEO Per Sjöstrand. The platform investment saw the business acquire five installation companies: PoB, Klimatrör, Rörgruppen, VVS-Metoder and Orab. The GP acquired an 80% stake in the group via its SEK 5.25bn Fund IV.

Since its foundation, the business has made several bolt-on acquisitions, including Expertkyl, LG Contracting and Tofta in May 2015, Romerike Elektro, AR Prosjekt, Voltmen, Ohmegi, El Expressen, Vallacom, Bi-Vent and Elpågarna in March 2016 and Andersen og Aksnes Rørleggerbedrift in February 2017.

Company
Established in 2014 and headquartered in Stockholm, Instalco provides services in areas such as electrical installations, industrial piping and plumbing.

According to a statement, the business posted a pro-forma turnover of SEK 2.8bn in 2016, with adjusted EBITDA of SEK 219m. Currently, the company has a workforce of 1,295.

People
Instalco Interessenter – Per Sjöstrand (CEO).

Advisers
Company – Setterwalls Advokatbyrå (legal).
Joint bookrunners – White & Case (legal).

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