Sweden’s Hemnet Targets Valuation of Up to $1.4 Billion in IPO
(Bloomberg) -- Sweden’s biggest online platform for property classifieds, Hemnet Group AB, is targeting a valuation of as much as 11.6 billion kronor ($1.4 billion) when it launches an initial public offering in Stockholm later this month.
The IPO price range is expected to be 95 to 115 kronor per ordinary share, equating to a market value for all the listed ordinary shares of 9.6 billion to 11.6 billion kronor, the company said in a statement on Friday evening.
The planned listing on Nasdaq Stockholm corresponds to 17.7% of the company’s ordinary shares, and the first day of trading is expected to be April 27, according to the statement.
“We have seen a very positive interest in Hemnet’s upcoming IPO and it is clear that investors value our scalable business model,” Hemnet’s Chief Executive Officer, Cecilia Beck-Friis, said.
A fully subscribed offer at the midpoint of the price interval totals proceeds of about 1.9 billion kronor, rising to 2.1 billion kronor if an over-allotment option is exercised. A prospectus will be published on Monday, the company said.
Read More: Swedish Property Classifieds Site Hemnet Plans Stockholm IPO
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