PE-backed RenoNorden raises NOK 309m in IPO

The flotation values the firm at NOK 1.28bn.

The company listed at NOK 47 a share with NOK 960m's worth of shares sold, raising gross proceeds of NOK 309m, which will be used to pay down the principal of a shareholder loan.

Following the IPO, CapVest and Accent retain 12.9% and 8.2% of the shares in RenoNorden respectively, as the full overallotment was excercised – resulting in a 75.2% free float of the company.

Shares were down marginally after the flotation, closing at NOK 45.80 on the first day of trading.

Danske Bank acted as sole global coordinator for the offering, while Carnegie, Danske Bank and DNB Markets acted as joint bookrunners.

Previous funding
Accent and CapVest acquired RenoNorden in a secondary buyout from Norvestor in September 2011, estimated to be worth €100-250m.

Norvestor first bought the company in 2008, taking a 70% stake, and bolted on Renoflex Gruppen two years later.

Company
RenoNorden is a sanitation and waste disposal business operating in Norway, Denmark, Sweden and Finland.

Founded by Svein Morten Sørensen in 1974, the company employs 1,450 people and had revenues of NOK 1.5bn with profits of NOK 85m last year.

People
Staffan Ebenfelt is the CEO of RenoNorden.

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