Serneke

Initial public offering of Serneke Group AB on Nasdaq Stockholm

Serneke Group AB (publ) today announced the outcome of the offer to acquire shares in the company in connection with the company’s initial public offering of its shares and listing on Nasdaq Stockholm. The offering attracted very strong interest from both Swedish and International institutional investors as well as the general public in Sweden and employees of Serneke. The offering was substantially over-subscribed and all retail investors were allocated shares.

The offering in brief

  • As previously announced, the price in the offer was SEK 110 per share
  • The offering comprised 5,786,818 shares of class B, corresponding to approximately 26.0 per cent of the total number of shares in the company upon completion of the offering, of which 5,681,818 were new shares offered by the company and 105,000 were existing shares offered by a few existing shareholders
  • The company has also granted Carnegie an over-allotment option to purchase up to 681,818 additional new shares of class B from the company at the offer price, corresponding to up to approximately 11.8 per cent of the number of shares in the offering
  • The total value of the offering amounts to approximately SEK 637 million and assuming that the over-allotment option is exercised in full the total value of the offering amounts to approximately SEK 712 million
  • The market value of Serneke amounts to approximately SEK 2,447 million upon completion of the offering and, assuming that the over-allotment option is exercised in full, the market value of Serneke amounts to approximately SEK 2,522 million 
  • Cliens Kapitalförvaltning, Carnegie Fonder, Svolder AB and the Olsson Eriksson family within the Stena sphere, as cornerstone investors, have been allocated shares in the offering amounting to SEK 285 million, corresponding to approximately 44.8 per cent of the number of shares in the offering (approximately 40.1 per cent of the number of shares in the offering, assuming the over-allotment option is exercised in full)
  • Following completion of the offering, the current shareholders will remain the largest shareholders in Serneke. Current shareholders will, assuming that the over-allotment option is exercised in full, hold approximately 74 per cent of the shares in the company
  • Approximately 13,000 individuals have applied for shares in the offering to the general public in Sweden. All of them have been allocated shares
  • Trading in the Serneke share on Nasdaq Stockholm commences today on 24 November 2016 with the ticker “SRNKE”

About Serneke
Serneke is one of Sweden’s fastest growing construction and project development groups, with a comprehensive offering within construction, civil engineering, project development and property management. Since the start of operations in 2002, Serneke has developed from a local construction company to a dynamic and fast-growing construction group with a strong project development portfolio. Between 2002 and 2015, Serneke increased sales from SEK 14 million to SEK 3.1 billion, at an average annual growth rate of 51.5 per cent. For the financial year 2015, Serneke reported an operating profit of SEK 128 million, corresponding to an operating margin of 4.1 per cent. On 30 September 2016, the company’s order book amounted to SEK 6,629 million.

Carnegie acted as sole global co-ordinator in the transaction. 

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