Coor Service Management prices its IPO at SEK 38 per share – trading commences on Nasdaq Stockholm today
Coor Service Management Holding AB ("Coor" or the "Company"), a leading provider of Integrated Facility Management ("IFM") services in the Nordic region, today announces an offer price of SEK 38 per share in its IPO (the "Offering") consisting of both newly issued and existing shares. Admission to trading and listing on Nasdaq Stockholm will take place today, June 16, 2015. The Offering was over-subscribed multiple times.
The Offering in brief
- The final Offering price has been set at SEK 38 per share, corresponding to an equity value of Coor of approximately SEK 3,641 million.
- The Offering was increased in accordance with the terms of the Offering by 9,485,390 shares, implying that the Offering comprises a total of 58,349,521 shares, consisting of 44,078,948 newly issued shares that have been offered by the Company and 14,270,573 existing shares that have been offered by Cinven, Coor's main owner.
- The total value of the Offering, excluding the over-allotment option, amounts to approximately SEK 2,217 million and corresponds to 60.9% of the total number of shares in Coor.
- Cinven has granted Nordea and UBS (together the "Joint Global Coordinators") an over-allotment option, of up to 15.0% of the Offering, corresponding to 8,752,428 shares representing approximately 9.1% of the total number of shares in the Company.
- The total value of the Offering, assuming that the over-allotment option is exercised in full, amounts to approximately SEK 2,550 million, consisting of 67,101,949 shares and corresponding to approximately 70.0% of the total number of shares in the Company.
- Following completion of the Offering, Cinven will hold approximately 27.7% of the shares, assuming that the over-allotment option is exercised in full.
- The shares have been allocated to international and Swedish institutional investors as well as to the general public in Sweden. The general public in Sweden that have applied to subscribe for shares in the Offering have been allotted at least 300 shares each.
- Settlement is expected to take place on or around June 18, 2015.
- The shares will be traded under the symbol "COOR".
"We are delighted by the vast interest in subscribing for shares in Coor, both among the general public and institutional investors. The strong demand to invest in the IPO of Coor is a testament to our strong business model and strategy. We hope that the listing will positively contribute to our financial flexibility and public awareness which will be important for future growth and development." - Mikael Stöhr, President and CEO of Coor, commented.
"Coor has been well received by investors, both our leading position in the Nordic IFM market and our strategic roadmap. We are very pleased with the composition of the new shareholders which has given Coor a good shareholder base and therefore good prospects of continued development and growth." - Anders Narvinger, Chairman of the board, commented.
Nordea and UBS are Joint Global Coordinators and Joint Bookrunners, DNB Markets and SEB are Joint Bookrunners. Clifford Chance LLP and Mannheimer Swartling Advokatbyrå are the legal advisors to Coor and Cinven. White & Case Advokat AB and White & Case LLP are the legal advisors to the Joint Global Coordinators and Joint Bookrunners.