Intera-backed Silmäasema raises €35m in IPO

The company will raise €35m from the offering, while the sellers, including Intera, will reap €30m assuming the full exercise of the overallotment option of 1,229,858 shares. 

Silmäasema will issue 5,099,057 new shares corresponding to approximately 35.8% of the total shares after the offering. Intera and other investors will sell 3,100,000 existing shares. The total number of the company's outstanding shares will increase to 14,248,805.

The offering was oversubscribed multiple times and had previously been discontinued on 6 June.

The trading of Silmäasema's shares commenced on the pre-list of the Helsinki Stock Exchange today under the code SILMA and is expected to commence on the official list on 13 June 2017.

Previous funding
Intera acquired a majority stake in the optician and optical retail chain in June 2014 using capital from its second fund. Armada Mezzanine Fund IV provided mezzanine financing to support the acquisition.

Company
Founded in 1991, Silmäasema provides optical goods and services. It has a network of 148 optical retail stores and 13 eye clinics in Finland. It also has eight stores in Estonia and employs 1,000 people. The company recorded net sales of €101.3m in 2016, an increase of 8.6% since 2015, while its adjusted EBITDA and EBITDA were €12.m and €10.3m respectively.

People
Intera Equity Partners – Tuomas Lang (chairman).
Silmäasema Fennica – Pasi Kohmo (CEO).

Advisers
Company – Nordea Bank (bookrunner); OP Corporate Bank (bookrunner); Roschier (legal).

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• IPO
• Intera Equity Partners Oy