HELSINKI, March 8 (Reuters) - Finnish sauna heater-maker Harvia on Thursday announced a preliminary price range for its initial public offering that would give the company a market value of up to 104 million euros ($129 million).
* Preliminary price range of the offering is 5.00-6.10 euros per share
* That would give the company a market value of around 93-104 million euros, assuming the company raises about 45 million euros in the IPO
* Subscription period for the offering will commence on March 9
* Trading in the shares is expected to start on the Helsinki bourse’s pre-list around March 22 and on the main list around March 26
* Harvia’s main owner, private equity firm Capman , will hold around 25 percent of Harvia after the IPO if it is implemented as planned
* Danske Bank will act as the global coordinator and bookrunner in the IPO, Handelsbanken Capital as the bookrunner
* Harvia, a global market leader in sauna heaters, announced the IPO preparation plan earlier this week
* It sees global sauna market growing around 5 percent annually as it is also looking for acquisitions.
* Harvia’s sales grew 20 percent last year to 60.1 million euros while core operating profit increased slightly to 11 million euros ($1 = 0.8049 euros) (Reporting by Jussi Rosendahl, editing by Gwladys Fouche)