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Five Arrows-backed Karnov Group plans to launch Stockholm IPO

Karnov Group, which provides information services and products related to legal, tax, accounting, environmental, health and safety in Denmark and Sweden, aims to go public.

The company plans to list its shares on Nasdaq Stockholm, with the proposed IPO expected to comprise existing and new shares. The company's principal shareholder is Five Arrows Principal Investments, a fund managed by private equity firm Five Arrows Managers SAS.

Karnov said the Fourth Swedish National Pension Fund, Lazard Asset Management and Vind AS have agreed to subscribe to up to 607 million Swedish kronor worth of shares in the IPO, subject to certain conditions.

The company aims to use the net IPO proceeds to accelerate its growth and to repay outstanding debt.

Carnegie Investment Bank AB (publ) is sole global coordinator and a joint book runner. Nordea Bank Abp Sweden branch is the other joint book runner.

N M Rothschild & Sons Ltd. is financial adviser to Karnov, while Gernandt & Danielsson Advokatbyrå is the legal adviser to the company and Five Arrows. White & Case is the legal adviser to the joint book runners.

As of March 19, US$1 was equivalent to 9.20 Swedish kronor.