Garo

Initial public offering of GARO AB on Nasdaq Stockholm

GARO develops and manufactures innovative turnkey solutions for the electric installation market under its own brand. The Company has evolved from a local production focused company to a development driven and market oriented company with, according to the company, a leading position within its selected product areas: Electrical distribution products, Project business, Temporary electric installations and EV-charging. For the year ended 31 December, 2015, GARO reported sales of SEK 554.1 million and EBIT of SEK 62.4 million.

 The Offering in brief

  • The Offering is directed to the general public in Sweden and to institutional investors. The Offering comprises 4,000,000 existing shares in GARO offered by the Company’s current owners Lars Svensson, Jerzy Petersson and Stefan Jonsson Invest AB (the “Owners”), corresponding to 40 percent of the total number of shares in the Company.
  • The Owners has granted an over-allotment option of up to 600,000 additional shares, corresponding to up to 15 percent of shares in the Offering (approximately 6 percent of total number of shares in the Company).
  • If the over-allotment option is fully exercised, the Offering will comprise a total of 4,600,000 shares, corresponding to approximately 46.0 percent of the total number of shares in the Company.
  • The final price in the Offering is SEK 73 per share (the “Offering price”), corresponding to a market value of all shares in GARO of SEK 730 million.
  • Leading investors Svolder AB and Vätterledens Invest AB have committed, subject to certain conditions, to subscribe for shares in the Offering corresponding to 7 and 7 per cent of the Company’s total number of shares outstanding following the Offering, respectively.
  • The shares will trade under the ticker “GARO”

Carnegie acted as Global Co-ordinator and Bookrunner in the transaction.

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