Balco Group AB (“Balco” or the “Company”), a leading provider of balcony solutions in Northern Europe, 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 institutional investors as well as the general public in Sweden. The Offering was over-subscribed multiple times.
The Offering in brief
- As previously announced, the price per share in the Offering was SEK 56, corresponding to a total value of the number of outstanding shares in Balco upon completion of the Offering of SEK 1,200 million.
- In accordance with the terms of the Offering, the Offering has been increased with 2,142,877 shares, implying that a total of 12,857,264 shares, corresponding to 60 percent of the total number of existing shares in the Company upon completion of the Offering, were sold by Segulah IV, L.P. (“Segulah” or the “Principal Owner”).
- In order to cover any over-allotment in connection with the Offering, Segulah has undertaken, upon request by Carnegie Investment Bank AB (publ) (“Carnegie”), in its capacity as Global Coordinator and Joint Bookrunner and Danske Bank A/S, Danmark, Sverige Filial (“Danske Bank”), in its capacity as Joint Bookrunner (and together with Carnegie “Joint Bookrunners”), to sell up to 1,928,589 additional existing shares (the “Over-Allotment Option”), corresponding to no more than 15 percent of the total number of shares in the Offering and approximately 9 percent of the total number of shares in the Company upon completion of the Offering.
- Assuming the Over-Allotment Option is exercised in full, the Offering will comprise 14,785,853 shares, corresponding to SEK 828 million or 69 percent of the total number of shares in the Company upon completion of the Offering.
- Immediately following the completion of the Offering, and assuming that the Over-Allotment Option is exercised in full, Balco’s largest shareholders will be Segulah (19.0 percent of the total number of shares in Balco upon completion of the Offering), Erik Selin (10.4 percent), Swedbank Robur Fonder AB (6.2 percent), Vätterleden Aktiebolag (2.9 percent), Lazard Asset Management GmbH (2.9 percent), Stiftelsen Riksbankens Jubileumsfond (2.9 percent), Taiga Fund Management AS (2.9 percent), the Hamrin family (2.9 percent) and LMK Venture Partners AB (2.9 percent).
- Trading in the Balco share on Nasdaq Stockholm commences today on 6 October, 2017 and settlement will take place on 10 October, 2017.
- The shares will be traded under the ticker “BALCO”.
Carnegie acted as Global Coordinator and Joint Bookrunner in connection with the transaction.