Carnegie sole global co-ordinator and joint bookrunner in the SEK 2,992 million IPO of Karnov
Karnov Group AB (publ) (“Karnov” or the “Company”), a leading provider of information services and products in the areas of legal, tax and accounting and environmental, health and safety in Denmark and Sweden, today announces the outcome of the Initial Public Offering of the Company’s shares (the “Offering”) and the listing of the shares on Nasdaq Stockholm. The Offering attracted very strong interest from both Swedish and international institutions as well as the general public in Sweden and Denmark and employees of Karnov. The Offering was substantially oversubscribed.
The Offering in brief
- As previously announced, the price per share in the Offering was SEK 43, corresponding to a total value of the outstanding shares in Karnov upon completion of the Offering of SEK 4,200 million
- The Offering comprised 43,513,472 shares of which 25,000,000 ordinary shares were offered by the Selling Shareholders and 18,513,472 newly issued ordinary shares offered by the Company
- The number of shares in the Offering was increased, in accordance with the terms of the Offering, by 17,000,001 shares, corresponding to approximately 17.4 per cent of the total number of outstanding shares in the Company upon completion of the Offering
- In order to cover potential over-allotment in relation to the Offering, the Selling Shareholders have undertaken, through an over-allotment option granted to the Joint Bookrunners, to sell up to 9,077,015 additional existing shares in the Company (the “Over-Allotment Option”), corresponding to up to 15.0 per cent of the number of shares in the Offering
- Assuming that the Over-Allotment Option is exercised in full, the value of the Offering will amount to approximately SEK 2,992 million, corresponding to approximately 71.3 per cent of the total number of outstanding shares in Karnov upon completion of the Offering
- Immediately following the completion of the Offering, and assuming that the Over-Allotment Option is exercised in full, Five Arrows Principal Investments (“FAPI”) will own approximately 14.7 per cent of the shares in the Company. In addition, FAPI has entered into an agreement with certain other Selling Shareholders to, inter alia, represent their votes on general meetings and FAPI will thus, assuming that the Over-Allotment Option is exercised in full, control an additional 4.3 per cent of the total number of outstanding shares in the Company
- The Fourth Swedish National Pension Fund, Lazard Asset Management and Vind AS have acquired shares in the Offering for an amount of SEK 615 million, corresponding to, in aggregate, 14.7 per cent of the outstanding shares in the Company upon completion of the Offering. Furthermore, certain board members in the Company, among others chairman of the board Magnus Mandersson, have subscribed for shares in the Offering for a total amount of SEK 5.1 million
- Trading in the shares in Karnov on Nasdaq Stockholm commences today 11 April 2019 under the ticker “KAR” and settlement will take place on 15 April 2019
Karnov is a leading provider of information services and products in the areas of legal, tax and accounting and environmental, health and safety in Denmark and Sweden. Karnov’s vision and mission is to become an indispensable partner for all legal, tax and accounting professionals in Denmark and Sweden and enable its users to make better decisions – faster. With a very high share of subscription-based online services, Karnov provides mission-critical information to more than 60,000 users across law and accounting firms, corporates and public sector entities, including courts, public authorities, municipalities and universities. Karnov was founded in 1924 and employs more than 240 people at its offices in Copenhagen, Stockholm and Malmö.
Carnegie acted as sole global co-ordinator and joint bookrunner.