Segulah-owned Balco lists in Stockholm

The offering was set at SEK 56 per share, corresponding to a total market value of all issued shares of SEK 1.2bn.

If the overallotment is exercised in full, the offering will comprise 14,785,853 shares, corresponding to SEK 828m or 69% of the total number of shares upon completion of the offering.

The private equity firm, through its investment vehicle Segulah IV, intends to remain the largest shareholder with around 19% of the shares after the IPO.

Carnegie Investment Bank acted as global coordinator and joint bookrunner, and Danske Bank as joint bookrunner.

Previous funding
In October 2010, Segulah acquired an 80% stake in the balcony developer from 3i and management. Equity for the deal was provided by the Segulah IV fund, which closed on SEK 5bn in 2007. The investor acquired the company after winning an auction run by Catella Consumer.

Under the investor's ownership, Balco continued to grow organically and through acquisitions. Segulah's industrial partner Lennart Kalén took a seat on Balco's board of directors.

3i originally invested in Balco in 2001 and provided a total of €5m, taking a 49% stake in the company. During its nine-year holding period, 3i supported the firm's geographical expansion to countries such as Germany, the UK and Poland. The investor also encouraged the launch of new products and strong organic growth.

Company
Balco was founded in 1987 and develops balconies and balcony glazing systems. Based in Växjö, its primary operations are in Scandinavia, Germany, the UK and Poland.

The company posted a turnover of SEK 801.6m in the 2016 financial year, up from SEK 638.6m in 2015.

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