EQT-owned Terveystalo lists in €876m IPO

The flotation raised €100m in gross proceeds through the sale of around 10.3 million newly issued shares at 976 euro cents apiece in the institutional and public offering, and 879 cents apiece in the personnel offering. The total number of shares on offer was around 67.8 million.

Selling shareholders reaped €776m as part of the listing. EQT held around 79.7% of the shares prior to the flotation and was expected to own between 11.3-15.8% post-IPO.

The company's market cap stood at €1.25bn at the time of the IPO. Shares were trading at €10.10 at the time of publication.

Carnegie Investment Bank, Morgan Stanley and SEB acted as the joint global coordinators and joint bookrunners. Jefferies International and OP Corporate Bank acted as joint bookrunners.

Previous funding
EQT acquired Terveystalo via its sixth buyout fund from Bridgepoint in September 2013 for a reported €650m, according to unquote" data.

A consortium of seven banks including Nordea, GE Capital, Unicredit, Partners Group, Pohjola Bank, SEB and Swedbank provided a €400m all-senior debt package to support the deal.

Bridgepoint acquired Terveystalo in February 2009 for €162m in a transaction that did not include a debt component.

Company
Founded in 2001, Terveystalo was formed when Medipa Clinics and Vaajakosken Lääkäriasema merged with Suomen Terveystalo Group. The group subsequently grew organically and through acquisitions. The firm reported an operative EBITDA of €73m for 2016. It employs a staff of 4,445.

People
Terveystalo – Yrjö Närhinen (CEO).

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