ResursHolding AB said April 6 that it intends to proceed with an IPO and the listingof its shares on Nasdaq Stockholm.
Thelisting is expected to take place in the second quarter, depending on marketconditions and subject to customary conditions.
The IPOis expected to consist entirely of existing shares, which will be offered bythe principal shareholders Nordic Capital Fund VII and the Bengtsson family.The shares will be offered to qualified investors both in Sweden andinternationally, as well as to the Swedish public.
Cornerstoneinvestors Swedbank Robur, the Second Swedish National Pension Fund andHandelsbanken FonderAB have undertaken to acquire shares to be sold in the IPOcorresponding to 11.5% of Resurs' total outstanding shares upon completion ofthe offering, subject to certain conditions and to a market value of thecompany's shares not exceeding 12 billion Swedish kronor. Specifically,Swedbank Robur, the pension fund and Handelsbanken Fonder will acquire 5.0%,3.5% and 3.0% of Resurs shares, respectively.
Thefinal offering price will be determined through a bookbuilding process.
Carnegie,Goldman Sachs International and Morgan Stanley were mandated as joint globalcoordinators and joint book runners, while SEB was appointed a joint bookrunner. Latham & Watkins (London) LLP and Mannheimer Swartling are actingas legal advisers to Resurs and its principal shareholders, while Sundling WärnPartners is acting as financial adviser. Linklaters LLP is legal adviser to thejoint global coordinators and joint book runners.
Resurs,which is based in Helsingborg, Sweden, reported adjusted full-year 2015 netprofit of 703 million kronor, compared to 468 million kronor a year ago. Itstotal loan portfolio amounted to 18.2 billion kronor as of Dec. 31, 2015.
Thepayment solutions provided said it intends to pay out at least 50% of the annualconsolidated net profit as adividend.
As of April 5, US$1 wasequivalent to 8.14 Swedish kronor.