Musti Group Plc (“Musti Group” or the “Company”), a leading Nordic pet care company in the Nordics, was listed today and had its first day of trading on Nasdaq Helsinki
The offering in brief
- The price per share in the offering was EUR 8.75 in the institutional offering and the public offering, and 10 per cent lower in the personnel offering being EUR 7.88 per share, which in total corresponds to a market capitalisation of the Company of approximately EUR 293 million immediately following the offering
- Musti Group issued 5,159,672 new shares in the Company, corresponding to approximately 15.4 percent of the total number of outstanding shares after the offering. In addition, EQT and certain other existing shareholders of the Company sold 12,949,476 existing shares
- 19,656,401 shares were allocated to institutional investors in Finland and internationally, assuming full exercise of the over-allotment option, and 1,000,000 offer shares were allocated to private individuals and entities in Finland
- 169,119 shares were allocated to employees in Finland, Sweden and Norway, as well as to management team and CEO of the Company
- The Company received gross proceeds of approximately EUR 45 million from the offering and the sellers received gross proceeds of approximately EUR 137 million assuming full exercise of the over-allotment option
- The total number of outstanding shares in the Company increased to 33,535,453 shares after the share conversion and the new shares offered in the offering were registered in the Finnish Trade Register on 12 February 2020
Trading in the shares in Musti Group on Nasdaq Helsinki commences 13 February 2020 under the ticker “MUSTI”
Musti Group in Brief
Musti Group is the leading Nordic pet care company that operates an omnichannel business model to cater for the needs of pets and their parents across Finland, Sweden and Norway The company had 277 stores as at 30 September 2019 (including own and franchise stores) and 20.7 percent of its net sales were generated through its online channel for the financial year 2019. The company offers a wide, curated assortment of pet products in both food and non-food categories, and has a broad range of own and exclusive as well as third-party brands. The company also provides pet care services such as grooming, training and veterinary services in selected locations across the Nordic countries.
The company’s concept has a strong “Pet Parent” -oriented customer focus and is built around trust and the expert advice offered by Musti’s store personnel. The company has a popular loyalty club through which members receive targeted communication and special offers as well as gain access to their dedicated online account. The Loyalty Club had over a million loyal customers as of 30 September 2019. Musti reported net sales of EUR 246.6 million, adjusted EBITA of EUR 21.9 million and operating profit of EUR 12.5 million for the financial year 2019, corresponding to an adjusted EBITA margin of 8.9 percent and an operating profit margin of 5.1 percent.
Carnegie acts as Joint Global Coordinators and Joint Bookrunners in connection with the IPO