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Altor-backed OW Bunker prices Copenhagen IPO to raise almost $1bn

28 Mar 2014

ship boat oil tankerPrivate equity-backed Danish marine fuel supplier OW Bunker has set its IPO price at near the top of its anticipate range, potentially valuing the business at almost $1bn.

The company, which is majority owned by buyout firm Altor, expects to list on the Nasdaq OMX Copenhagen bourse on April 2.

Altor is looking to sell 17.9 million shares, which could see it raise more than DKK3.2bn ($592m).

The company was first reported to be planning an IPO the Copenhagen Stock Exchange in November last year, and is expected to list by April 2.

OW Bunker accounts for about seven per cent of the world’s shipping fuel market, and has set a price range of DKK120 and DKK150 for the public listing.

Reuters said that at the highest price OW Bunker would be valued at 15.8 times 2013 earnings compared with a sector average of 11.8.

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