Carnegie acted as joint global co-ordinator on the SEK 4.5 billion private placement and subsequent listing of Desenio – making it the largest Ecom IPO ever in the Nordics. The Company’s major shareholder is specialist growth equity investor Verdane, which also backed Boozt in its Carnegie-led 2017 IPO.
Today, Thursday 25th February, Desenio listed on Nasdaq First North Growth Market. Desenio is a Sweden-based, fast growing, digital direct-to-consumer (D2C) company with a leading position as an international provider of affordable wall art. Following strong organic growth and the acquisition of Poster Store, Desenio generated proforma net sales and EBITA of approximately SEK 1.3 billion and SEK 340 million in 2020.
The Carnegie-led Desenio transaction was carried out on a swift and ground-breaking timetable, requiring only six weeks’ execution between project kick-off and the intention to float announcement. The fast-track timetable involved a private placement directed to institutional investors in Sweden and internationally.
Multiple reputable cornerstone investors (including Capital, Fidelity International, Handelsbanken Fonder, Lannebo Fonder and Cliens Kapitalförvaltning) agreed to acquire shares for approximately SEK 3.2 billion, based on a company valuation of approximately SEK 11.0 billion. The innovative process provided Desenio’s shareholders, led by Verdane, with an accelerated timetable compared with a typical listing on Nasdaq Stockholm, as well as high deal certainty.
Carnegie acted as joint global co-ordinator and joint bookrunner in connection with the transaction.