Swedish cableco Com Hem’s owners have raised an extra Skr567m (US$85.4m) by fully triggering the over-allotment option connected to its recent IPO.
The move sees an additional 9.8 million shares being issued, further watering down private equity firm…
Swedish cableco Com Hem’s owners have raised an extra Skr567m (US$85.4m) by fully triggering the over-allotment option connected to its recent IPO.
The move sees an additional 9.8 million shares being issued, further watering down private equity firm BC Partners’ stake by 2.3% to 47.7% and upping the amount raised in total to around US$940m.
Com Hem said Morgan Stanley acted as stabilisation manager for the additional offering. The bank had also acted as a joint global coordinator and joint bookrunner for the IPO along with JP Morgan and Nordea.
The shares priced last month at the higher end of their range at Skr58 (US$8.74) apiece. The cableco said the initial offering was oversubscribed several times with strong demand from institutional investors as well as Swedish retail investors
Proceeds will go towards cutting debt to target a net leverage of around 3.9x net debt/ LTM underlying EBITDA.