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EQT-backed Sanitec eyes biggest Swedish IPO since 2006

27 Nov 2013

bathroom5_sqEQT-backed bathroom ceramics business Sanitec could be Sweden’s biggest IPO since 2006 if it hits its SEK4bn ($608m) target in its imminent share sale.

Sanitec plans to offer shares at between SEK54 and SEK66 each, valuing the Finnish business at up to SEK6.6bn.

About 40 per cent of the total shares are being offered by EQT, which bought into the business from fellow private equity firm BC Partners in 2005. It currently owns a 76.5 per cent stake.

Sanitec had €753m of sales last year, and EBITDA of €105m.

The Nordic firm reportedly tried to sell the company in 2011 for up to €1bn, hiring UBS to advise it on the process.

EQT partner Caspar Callerström previously said of the IPO, “We are very excited about broadening the investor base for Sanitec.

“We see the IPO as an important new phase for the company which will allow Sanitec to further enhance its public markets profile also following the successful high yield bond issuance earlier this year.

“We look forward to continuing to support the business and welcome new shareholders in Sanitec and offer them the opportunity to be part of our development going forward”.

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