Carnegie acted as Sole Global Coordinator and Joint Bookrunner in the IPO of Rusta, corresponding to a total market value of the Company of approximately SEK 6.8 billion. This is the first large Swedish IPO since June 2022 and the only European IPO to successfully price in October 2023. Rusta’s IPO valuation implies a premium to Nordic peers such as Europris and Tokmanni.
Rusta announced the results of the offering of shares in the Company in connection with the listing of the Company’s shares on Nasdaq Stockholm on Thursday 19th October. The Offering attracted strong interest from Swedish and international institutional investors and the public in Sweden.
Rusta is a leading company on the Nordic variety hard discount market. Rusta’s customer promise is to be a modern variety hard discount retailer making it easy to renew and refill at home at surprisingly low prices. Rusta combines an offering consisting of a wide and curated product assortment of everyday products that cover many frequent customer needs and wants in one visit at low prices with a convenient and positive in-store shopping experience. Rusta’s product assortment includes products for the customer’s home, day-to-day necessities, seasonal products and products for an active lifestyle.
The Offering in brief:
- The final price in the Offering has been set to SEK 45 per share, corresponding to a total market value of the Company of approximately SEK 6.8 billion
- The total value of the secondary offering is approximately SEK 2.4 billion representing c. 35% of TSO including greenshoe
- A healthy oversubscription of the shares enabled a tight share allocation skewed towards long-term institutional investors
- The selling shareholders, board of directors and members of group management have committed to a lock-up period of 360 days from the first day of trading
- Trading in the Company’s shares on Nasdaq Stockholm commences today, 19th October 2023, under the trading symbol (ticker) RUSTA
Carnegie acted as Sole Global Coordinator and Joint Bookrunner in connection with the IPO.