Optical networking firm Transmode has priced an IPO for 33 per cent of the group at SEK 53 (E6) per share, valuing the whole company at SEK 1.43bn (E159m).
The offering was over-subscribed several times, meaning its size was increased by an additional…
Optical networking firm Transmode has priced an IPO for 33 per cent of the group at SEK 53 (E6) per share, valuing the whole company at SEK 1.43bn (E159m).
The offering was over-subscribed several times, meaning its size was increased by an additional 1,277,165 shares to total of 8,888,889 shares.
In addition, the offering’s joint global coordinators and joint bookrunners were granted an option to acquire up to 1,111,111 additional shares to cover potential over-allotments. If this option is exercised in full, the total number of shares sold will be 10,000,000, representing 37.1 per cent of the group, for a total value of SEK 530m.
Carnegie, Handelsbanken and UBS are joint global coordinators and joint bookrunners, while Ondra Partners is financial adviser.
Swedish VC Pod, which owns 41.5 per cent of the group, was the main seller in the IPO. Fellow shareholders are VC firms Amadeus (21.5 per cent), HarbourVest (11.7 per cent), EEP (9.1 per cent) and Santec (2.3 per cent), with the rest of the equity held by present and past directors of the board, employees and founders.
For the three months to the end of March 2011, the company posted revenues of SEK 181.1m (E20m) and net income before IPO-related expenses of SEK 6.4m (E0.7m).
Several PE firms have reportedly placed first-round bids for cableco Com Hem. Potential buyers include Blackstone, Nordic, Hellman & Friedman, BC Partners and CVC.
It is understood that Nordic strategics are also eyeing the asset, potentially as a fixed/mobile convergence play. Com Hem’s management will meet bidders over the next few weeks, but a deadline for second-round bids has not been set.
Current owners Carlyle and Providence Equity are advised by Deutsche Bank and Morgan Stanley.
There is a possibility Com Hem could be reunited with former owner, incumbent TeliaSonera, which divested it in 2003 to comply with regulations.
Other potential strategic buyers are Telenor and Tele2
