Apax's Evry prices IPO with NOK 11.5bn market cap

The price is at the lower end of the NOK 31-39 price range laid out when Evry announced its intention to float earlier in June.

The offering comprises new and existing shares, with Apax selling down 19 million shares in the business – equivalent to a 5.1% stake – generating returns of NOK 591m.

The IPO will see the company raising NOK 3.2bn while the GP will retain a 54.4% stake in the company. Evry will use the proceeds to repay outstanding debt as part of a refinancing plan.

In the event that an overallotment option of 18.3 million shares is exercised in full, Apax's shareholding will be reduced to 49.4%. The GP's remaining shares will be subject to a 180-day lock-up period following the listing.

ABG Sundal Collier, Goldman Sachs and Morgan Stanley are acting as joint global coordinators and joint bookrunners in the offering, while Credit Suisse, DNB Markets and UBS are acting as joint bookrunners.

Previous funding
The company delisted in 2015 following Apax's acquisition of an 88% stake for NOK 3.8bn.

Company
Founded in 2010 via the merger of EDB and ErgoGrou and headquartered in Fornebu, near Oslo, Evry is an IT business that provides services including application management, business intelligence, analytics, digital transformation, infrastructure and operations. The company's clients stem from the oil and gas, financial services, insurance, healthcare, manufacturing, retail, logistics and public sectors.

Evry had 8,200 full-time employees as of March 2017 and generated operating revenues of NOK 12.2bn with adjusted EBITDA of NOK 1.58bn in 2016, according to its website.

Advisers
Company – Lazard (corporate finance); Clifford Chance (legal); Schjødt (legal).

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