September 12, 2019 / 4:21 PM / 4 months ago

EQT sets price range for 1.2 billion-1.3 billion euro Stockholm share listing

FILE PHOTO: Swedish private equity group EQT CEO Christian Sinding poses for a picture at the company's headquarters in Stockholm, Sweden June 24, 2019. REUTERS/Esha Vaish/File Photo

LONDON (Reuters) - Swedish private equity firm EQT unveiled the price range on Thursday for the shares it will list on the Stockholm bourse to raise up to 1.3 billion euros ($1.44 billion) for overseas expansion.

EQT plans to sell around 20 percent of its shares at 62-68 Swedish krona ($6.44-$7.06) each in the maiden listing, according to a lead manager, raising between 1.2 billion-1.3 billion euros.

Investors will be able to place orders across the price range from Friday morning onwards. The initial public offering (IPO) looks set to value the company between 11.8-13.0 billion Swedish krona, or 5.5-6.0 bln euros, the lead manager said.

The IPO will fund continued investments in the business and growth opportunities, including expansion in North America and Asia-Pacific, the company said in a statement.

The deal will consist of a mixture of new shares — that will raise about 501-550 million euros equivalent for the firm — and existing shares sold by the owners.

The selling shareholders in the IPO will primarily consist of Swedish investment company Investor AB and a group of partners, including three former partners.

With 40 billion euros ($45 billion) under management, EQT has transformed itself since its 1994 launch from an investment arm for Sweden’s influential Wallenberg family into Europe’s second-largest private equity fund behind Britain’s CVC.

“In order to future-proof EQT and continue our growth, we are considering taking this a step further by building EQT’s own balance sheet,” Chief Executive Christian Sinding told Reuters in July.

Reporting by Abhinav Ramnarayan, editing by Kirstin Ridley and Elaine Hardcastle

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