Com Hem IPO SEK 58 per share
Swedish triple-play operator Com Hem has confirmed an offer price of SEK 58 (€6.45) per share in its initial public offering of newly issued shares. Admission to trading and listing on the NASDAQ OMX Stockholm will take place today, June 17, 2014. The Offering was over-subscribed several times and attracted strong interest among Swedish and international institutional investors as well as Swedish retail investors.
Highlights of the offering:
- The price per share of SEK 58 gives Com Hem a market capitalisation of SEK 11,470 million, before exercise of the over-allotment option
- The Offering comprises 97,754,179 newly issued shares resulting in gross proceeds to the Company of SEK 5,670 million, before exercise of the over-allotment option
- The Company has granted the joint global coordinators an over-allotment option, of up to 9,775,418 newly issued shares, which is exercisable in whole or in part for a period of 30 days as of June 17, 2014. If the over-allotment option is exercised in full, it would result in additional gross proceeds of SEK 567 million to the Company
- The shares have been allocated to international and Swedish institutional investors as well as to the general public in Sweden
- Trading in the Com Hem shares commences today, June 17, 2014, and the trading symbol of the Company’s share on NASDAQ OMX Stockholm is ‘COMH’
- BC Partners, who did not sell any shares in the Offering, remains the largest investor in Com Hem with a 50.0 per cent holding in the Company post the Offering assuming the over-allotment option is not exercised, and 47.7 per cent assuming the over-allotment option is exercised in full
Anders Nilsson, CEO of Com Hem said the success of the IPO reflected the investor community’s confidence in its strategy and ability to benefit from the investments made in its network, products and services. “With the support of our new shareholders, we are in a strong position to move forward and to grow our business,” he declared.
Nikos Stathopoulos, Managing Partner at BC Partners, said Com Hem now had a strong and diverse shareholder base with well-reputed international and Swedish institutional investors, as well as a solid base of Swedish retail investors. The strong demand to participate in Com Hem’s IPO is testament to the Company’s quality and long-term growth prospects and we look forward to continuing to support Com Hem as a listed company.”
J.P. Morgan, Morgan Stanley and Nordea acted as joint global coordinators and joint bookrunners, Carnegie as joint bookrunner and Rothschild as financial advisor to the Company and the owners.