Five Arrows-backed Karnov prices SEK 4.2bn IPO

The offering comprises 43,513,472 shares but could be increased by 17,000,001 shares on completion of the list and by a further 9,077,015 shares through an overallotment option.

If the offer is increased in full and the overallotment option is fully exercised, the value of the offering will amount to SEK 2.992bn, approximately 71.3% of the outstanding share capital.

In this scenario, Five Arrows will retain 14.7% of the company's shares.

The Fourth Swedish Pension Fund, Lazard Asset Management and private investment firm Vind have committed to acquiring shares worth up to SEK 607m, which would represent 14.5% of the total shares in the above scenario.

The first day of trading is expected to be 11 April under the ticker KAR.

Carnegie Investment Bank is sole global coordinator and joint bookrunner for the offering, along with Nordea Bank. Rothschild & Co is financial adviser to the company and Gernandt & Danielsson Advokatbyrå is legal adviser to the company and Five Arrows. White & Case is legal adviser to the joint bookrunners.

Previous funding
GMT Communication Partners completed the carve-out of Karnov from Thomson Reuters in 2011. It sold the business to Five Arrows in a secondary buyout in 2015.

Company
Karnov was founded in 1924 and employs 240 people at its offices in Copenhagen, Stockholm and Malmö. It provides information services and products in Denmark and Sweden in the areas of law, tax, accounting, health and safety, and the environment.

The company generated adjusted EBITA of SEK 262m from sales of SEK 715m in 2018, up from SEK 184m from SEK 452m in 2017.

People
Karnov – Flemming Breinholt (CEO).

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