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Sanitec celebrates oversubscribed IPO – Reuters

Reuters – Sanitec said on Tuesday the final offer price in its heavily subscribed flotation was 61 crowns per share, valuing the bath and toilet manufacturer at 6.1 billion crowns ($933 million) in Sweden’s biggest listing since 2006.

The listing of Sanitec, controlled by private equity firm EQT, comes as the European construction market is seen recovering from a slump caused by the euro zone debt crisis.

“The offering attracted strong interest among Swedish and international institutional investors as well as Swedish retail investors. The offering was over-subscribed several times,” the company said in a statement.

Trading in the stock was set to begin later on Tuesday. Sources told Reuters last week shares would be priced between 60 and 63 crowns.

Sanitec said the offering had been increased by 12.2 million shares, meaning in all 52.2 percent of shares in the company had been sold. Another 7.8 million could be sold under an over-allotment option, it added.

Nordea and UBS Investment Bank acted as joint global coordinators and bookrunners. Carnegie Investment Bank also acted as joint bookrunner and Handelsbanken Capital Markets as co-lead manager, Sanitec said.