FSN-backed Netcompany sets final IPO price

In total, 20,000,000 shares were placed on Nasdaq Copenhagen, with an additional overallotment of 3,000,000 shares. The total placement volume amounts to approximately DKK 3.1bn.

Should the overallotment option be exercised in full, the placement volume will amount to DKK 3.56bn.

Following the listing, prior to the exercise of the overallotment option, FSN Capital will still hold 26.5% of the business, with second largest owner AC NC Holding – the joint holding company of André Rogaczewski and Claus Jørgensen – retaining 10.2%.

Other minority shareholders include Carsten Gomard Holding (2.6%), NC NorthCo (4.6%), Danica Pension, Livsforsikringsaktieselskab (2.7%), and various management and employee shareholders (13.4%). New investors will own 40% of Netcompany.

Should the overallotment be used, FSN Capital will maintain a stake of 20.5%.

The free float represents 40% and the first day of trading is expected to take place on 7 June 2018.

Danske Bank, Deutsche Bank, and Morgan Stanley are acting as joint global coordinators and joint bookrunners. Skandinaviska Enskilda Banken Danmark and Filial af Skandinaviska Enskilda Banken Sverige were appointed as joint bookrunners for the IPO.

Previous funding
Axcel acquired a 60% stake in Netcompany in September 2006. The remaining 40% of the shares were held by the company's three founders and a number of senior executives.

After a holding period of five years, Axcel sold its stake in the firm to its management team in January 2011. 

FSN Capital acquired the business in a deal equating to an enterprise value of DKK 2.3bn – just under 11x its EBITDA – in December 2015. The Oslo-headquartered GP acquired more than half of Netcompany's share capital from its three founders, Claus Jørgensen, André Rogaczewski and Carsten Gomar, who reinvested in the company alongside FSN and management.

Company
Founded in 1999, Netcompany is an IT consultancy headquartered in Copenhagen. The business provides IT services to the public and private sectors in Denmark. Netcompany employs a staff of 1,700 across its nine offices in five countries.

People
FSN Capital – Thomas Broe-Andersen (partner).
Netcompany – André Rogaczewski (CEO).

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