STOCKHOLM (Reuters) - Swedish online DIY and home furnishing retailer Bygghemma Group First said it planned to list on the Stockholm bourse on March 27, valuing the company at up to 5.35 billion crowns ($652 million).
The company, which sells its products in Sweden, Finland, Norway and Denmark, is owned by private equity firm FSN Capital.
In the initial public offering it will issue up to 7 million–7.8 million new shares and FSN Capital will sell 22.2–22.3 million existing shares, Bygghemma said in a statement on Wednesday. It expects the share price to be set within a range of 45-50 crowns, it said.
Assuming an offer price in the middle of the offer range and a full exercise of an overallotment option, FSN Capital would own around 44 percent of the group following the listing, Bygghemma said.
Danish pension company Arbejdsmarkedets Tillaegspension (ATP) and Swedish investment firm Creades (CREADa.ST) have agreed to buy up to 5.6 million shares in Bygghemma for around 250 million crowns subject to certain conditions, Bygghemma said.
The indicated share price range would value Bygghemma at between 4.85 billion and 5.35 billion crowns, the company said, adding that it expects the sale of new shares to bring in gross proceeds of around 350 million crowns.
“Bygghemma Group has established a leading Nordic platform and has great potential for both substantial organic and acquisition-driven growth and improved results in the coming years,” Chairman Henrik Theilbjorn said in a statement.
Last year Bygghemma made an adjusted operating profit before interest, tax and amortisation of 197 million crowns on sales of 4 billion euros. ($1 = 8.2039 Swedish crowns)
Reporting by Helena Soderpalm, editing by Anna Ringstrom and Susan Fenton