PE-backed Hemnet lists in €1.15bn IPO

The company, which started trading on the exchange on 27 April, is backed by private equity firms General Atlantic and Sprints Capital, which previously owned 60% and 17% respectively. 

General Atlantic at the end of 2016 acquired Hemnet in a deal that valued the company at SEK 2bn. Sprints invested in the company for a minority stake at the same time.  

The two GPs will remain as Hemnet's largest owners, General Atlantic with 41% and Sprints with almost 12%. Other owners include Care of Hemnet, the company's management and the board of directors.

Morgan Stanley, Carnegie and Citigroup were appointed as joint global coordinators and joint bookrunners, with Barclays and Nordea also joint bookrunners. Roschier and Paul Weiss Rifkind Wharton & Garrison provided legal advice. 

The listing marks a continuation of the wave of PE-backed IPOs that have taken place in the Nordic region since the second half of 2020. 

Joachim Høegh-Krohn, CEO of Argentum, recently said in the company's PE report for 2020 that the surge in IPO activity had  been led by record-low interest rates, available liquidity and a domino effect of companies observing peers that listed successfully.  

Company
Founded in 1998 and based in Stockholm, Hemnet is a property search engine in Sweden. The company in 2020 had revenues of SEK 544.1m and EBITDA of SEK 202m. It has 120 employees.

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