Sanitec valued at SEK 6.1bn in IPO

The pricing corresponds to an equity value of SEK 6.1bn. Sanitec's sole shareholder, Sofia IV, indirectly owned by EQT via its fourth fund, sold a 52.2% stake valued at SEK 3.2bn – which could rise to 60% valued at SEK 3.7bn if the over-allotment offer is exercised in full. The vendor would still remain the largest shareholder with close to a 40% stake.

The oversubscribed IPO attracted interest from Swedish institutional investors and retail investors. Around 3,000 investors have been allocated shares, including 94% to institutional investors and 6% to retail investors.

Nordea, UBS Investment Bank and Carnegie Investment Bank acted as joint global bookrunners. Handelsbanken Capital Markets acted as co-lead manager.

EQT acquired Sanitec from BC Partners in February 2011. The Swedish private equity firm reportedly considered selling the company for €1bn in 2011 and hired UBS as advisers.

Company
Based in Helsinki, bathroom ceramics producer Sanitec has 19 production plants mainly in northern and western Europe, as well as in eastern Europe. In 2012, the company's net sales amounted to €752.8m, with an EBITDA of €107.6m and 6,500 employees.

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• Topics
• Nordics
• Exits
• Sweden
• EQT
• IPO