Storskogen Is Said to Pick Banks Including Goldman for IPO

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Storskogen Group AB appointed Goldman Sachs Group Inc., JPMorgan Chase & Co. and Carnegie Investment Bank AB to lead its first stock market listing in Stockholm, according to a person familiar with the matter.

The Swedish investment company’s offering is expected to take place sometime in the fourth quarter, said the person who asked not to be identified because they’re not authorized to speak about it. 

Storskogen’s chief executive officer and founder Daniel Kaplan told Bloomberg that a stock market flotation remains one of the avenues it is exploring for financing its activities. He declined to comment on the bank appointments or timing of the IPO.

The IPO could see the Stockholm-based group achieve a market capitalization of as much as 65 billion Swedish kronor ($7.5 billion), according to two analysts working in Sweden’s equity capital markets. An order of that magnitude could rival the valuation achieved by private equity firm EQT AB, when it listed nearly two years ago.

Last quarter, Storskogen generated adjusted operating profit (before amortization of intangible non-current assets) of 383 million kronor ($44 million) on sales of 3.8 billion kronor. 

The investment company has pursued an aggressive acquisition strategy since being founded in 2012. In the first half of this year, it bought 43 businesses taking its count of portfolio companies to more than 200.

©2021 Bloomberg L.P.

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