CapMan's Harvia lists with €93.5m market cap

According to a statement, the total value of the shares would correspond to a market cap of around €93.5m. Trading on the Helsinki stock exchange commenced on 22 March, and at the time of writing shares were trading at €5.02 apiece. CapMan had announced its intention to float earlier in March.

The IPO was oversubscribed and Harvia gained approximately 2,000 new shareholders. The firm's current largest shareholder CapMan remains as a significant shareholder after the IPO with a stake of more than 20%. Additionally, following the IPO, more than 20% of Harvia's full-time employees in Finland and Austria, including the management and board of directors, are shareholders.

Harvia is to receive gross proceeds of approximately €45m from the IPO and the selling shareholders will receive gross proceeds of around €13.9m, assuming full exercise of the overallotment.

CapMan may offer an overallotment option to the global coordinator, exercisable within 30 days of the commencement of trading, to purchase or procure purchasers for a maximum of 1,539,109 shares to cover possible overallotment situations. The shares included in the overallotment option represent approximately 15% of the offer shares and votes.

The number of outstanding shares will stand at 18,694,236 after the IPO. The new shares issued correspond to approximately 48.2% and the sale shares correspond to 6.7% of the company's total share capital.

Danske Bank's Finland branch is acting as the global coordinator in the planned IPO. Handelsbanken Capital Markets is acting as bookrunner alongside Dankse. Borenius is acting as legal adviser to the company and Castrén & Snellman is acting as legal adviser to the bookrunners.

Previous funding
CapMan acquired a majority stake in the Finnish sauna company via its 10th buyout fund, CapMan Buyout X, in March 2014.

The company was owned by the Harvia family, who remained a substantial minority owner and continued in their management positions following the transaction. Additional Harvia family representatives and key employees were offered the opportunity to invest in the company in connection with the deal, according to Unquote Data.

Company
Established in 1950 and headquartered in Muuramen, Harvia is a Finnish heater, sauna, and sauna-interiors manufacturer. It posted net sales of €50m in 2016 and employs a staff of 365 across China, Estonia, Finland and Russia. 

People
CapMan – Anders Björkell (partner).
Harvia – Tapio Pajuharju (managing director).

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