(Reuters) – The owners of Sweden’s Capio plan to list the healthcare provider on the Stockholm stock exchange within weeks, expanding the number of companies aiming to float their shares on the back of high equity valuations.
Capio’s owners said four investment funds have committed to buy stakes in the company in a move to support the listing, which comes at a time of political uncertainty for private healthcare providers in Sweden.
The centre-left minority government, which has been in office since last year, has commissioned a review aiming to limit profits in tax-financed welfare services, but it faces opposition from a majority of parliament.
Capio was bought by private equity firms Apax and Nordic Capital and delisted from the Stockholm bourse nine years ago.
The company, which operates hospitals, specialist clinics and primary care units in Sweden, Norway, France and Germany, said the initial public offering would comprise newly issued shares and existing shares.
Capio said it aimed to list on or around June 30, selling shares at 48.50 crowns per share and valuing the company at 6.85 billion crowns ($825 million), including a 750 million crown issue of new shares.
Capio joins a spate of companies, including hotel property firm Pandox and lender Nordax, aiming to list before the summer break on the back of high equity valuations, meaning this month looks set to surpass June 2014 for new listings in Stockholm.
It said R12 Kapital AB, the Fourth Swedish National Pension Fund, Swedbank Robur Fonder and Handelsbanken Fonder had committed to buy shares corresponding to around 20 percent of the outstanding shares of Capio after the listing.
“Capio expects that a listing on Nasdaq Stockholm will increase the public profile of Capio and its operations and that the increased transparency will benefit its patients, customers and employees,” the company said in a statement.
JP Morgan and SEB are acting as joint global coordinators and joint bookrunners in the listing, while Carnegie and Deutsche Bank are joint bookrunners.
The company had sales of 13.2 billion Swedish crowns last year and employs more than 12,000 people.