Nordic Capital Files to List FinnvedenBulten

Nordic Capital has applied to list its portfolio company FinnvedenBulten, a Swedish auto parts maker, on the Stockholm stock exchange, Reuters reported. The value of the offering would be between 614 million and 695 million crowns ($92.6 million-$105 million), Reuters wrote. Nordic Capital acquired the company in 2005.

(Reuters) – Swedish auto parts maker FinnvedenBulten said on Sunday its private equity owner had applied to list the firm on the Stockholm stock exchange.

FinnvedenBulten said in a statement Nordic Capital would offer up to 54 percent of existing shares, or up to 62 percent including an over-allotment option, at an indicative price range of 46 to 56 crowns per share to retail and institutional investors.

It said the value of the offering would be between 614 million and 695 million crowns ($92.6 million-$105 million) if the over-allotment was fully exercised.

Nordic Capital, which bought the firm in 2005, said early April it had put listing plans on hold due to market uncertainty after the Japan earthquake and tsunami disaster in March.

FinnvedenBulten was hard hit by the global financial crisis which sparked a plunge in demand from vehicles makers across the globe.

But over the past year demand has come back strongly, improving conditions for a listing of the group. In 2010 FinnvedenBulten swung to an operating profit of 114 million crowns from a 147 million loss in 2009, with revenue rising 28 percent to 2.6 billion.

A listing would “further improve the conditions for the company’s continued expansion and development in existing as well as in growth markets,” FinnvedenBulten said.

The shares were expected to start trading on the Stockholm bourse on May 20, and Swedish banks Handelsbanken and Carnegie were acting as joint lead managers and joint bookrunners in the process, it said. (Reporting by Anna Ringstrom, editing by Jon Boyle)