trending Market Intelligence /marketintelligence/en/news-insights/trending/xGY_7uIoJjIN5XCFXJmoPQ2 content esgSubNav
In This List

Nets lists on Nasdaq Copenhagen


Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap


Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future


Street Talk | Episode 99 - Higher rates punish bond portfolios, weigh on bank M&A


Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch

Nets lists on Nasdaq Copenhagen

Nets HoldingA/S set the final price for its IPO at 150 Danish kroner per share, giving the Nordicpayments processor a market capitalization of 30.0 billion kroner.

Nets A/S, a company created for purposes of the listing, begantrading on Nasdaq Copenhagen on Sept. 23, through temporary purchasecertificates that will trade under the symbol NETS TEMP. They will beautomatically exchanged for Nets shares, which are expected to be admitted totrading under the symbol NETS on Sept. 28.

Payment for and settlement of the offer shares is expected to takeplace Sept. 27. The company also said it completed areorganization under which Nets A/S replaces Nassa Topco AS as the parentcompany of the Nets group.

Nets will issue 36,666,667 new shares, raising gross proceeds of5.5 billion kroner. Existing shareholders sold 68,333,333 shares in theoffering and havegranted an overallotment option of 15.75 million additional existing shares,equivalent to 15% of the total shares sold.

Total proceeds from the offering amount to 15.75 billion kroner,which will grow to approximately 18.11 billion kroner if the overallotmentoption is exercised in full.

The sale will reduce the stake held jointly by funds managed byAdvent InternationalCorp. and funds advised by Bain Capital Private Equity (Europe) LLPto 40%. Danish pension fund ATP will control 2.3% of the company's sharesthrough various vehicles, with members of Nets' management and employeescontrolling a total of 4.2%, participants in the company's managementinvestment program 0.8% and a company indirectly controlled by Nets CEO BoNilsson and related parties 0.2%.

Should the overallotment option be exercised in full, theBain/Advent stake will fall to 32.6%, the ATP stake to 1.9% and the Nilssonstake to 0.1%. The Bain and Advent funds had each controlled 43% of Nets priorto the offering.

The company's free float will be about 52% before any exercise ofthe overallotment option, and approximately 60% if the overallotment option isexercised in full. Approximately 42,000 new investors were allocated shares inNets, with about 11% of the offer shares going to retail investors and 89% toDanish and international institutional investors.

A Nets A/S extraordinary general meeting on Sept. 23 elected JeffGravenhorst to its board, which then named him deputy chairman. Gravenhorst isCEO of ISS A/S, the Danish parent company of global facility services companyISS. He was allocated 16,666 offer shares with a value of 2.5 million kroner.

Deutsche Bank, Morgan Stanley and Nordea are acting as joint globalcoordinators and joint book runners for the offering. Danske Bank, DNB Markets,JPMorgan and UBS Investment Bank are acting as joint book runners, withCarnegie, OP Corporate Bank, SEB, SpareBank 1 Markets and Sydbank Markets asco-lead managers. Lazard & Co. Ltd. is acting as financial adviser to Nets.

As of Sept. 22, US$1 was equivalent to 6.63 Danish kroner.