ECM Europe Alert: Mall Group float prospects, Opdenergy IPO preparations, Trustly listing options

ECM Europe Alert comprises a selection of key proprietary and aggregated intelligence over the weekend, including expected events and recent filings for live and upcoming transactions.

Key deals this week

– Finland’s Kreate Group is conducting bookbuild for its IPO from 8 February to 16 February at EUR 8.2 per share on Nasdaq Helsinki. Danske Bank is running the deal. 

– Sweden’s Cint is conducting bookbuild for its listing from 11 February to 18 February at SEK 62 – 72 per share on Nasdaq Stockholm. Carnegie Investment Bank and Danske Bank are the glocos.

Initial public offerings and spin-offs

Europe

Nordic Advisory Opportunity Viewer is an overview of proprietary intelligence on content identifying advisory opportunities in the Nordics, including potential fundraising, M&A and IPO transactions reported on by Mergermarket so far this year. Anticipated sale or IPO processes where mandates have not yet been awarded include Medius. Meanwhile, Klarna, the Swedish fintech business, is anticipated to opt for an IPO in the second half of this year; and Polestar, an electric vehicle venture by Swedish automaker Volvo and its parent Chinese car maker Geely Holding Group, is planning to hire an advisor for a Series B with a valuation of USD 15bn in 2Q21. Assets in expected or ongoing Nordic dual-track processes include Sitowise, the Finnish Intera Partners -owned construction consultancy, and Orthex, the Sponsor Capital-owned Finnish household products provider. – Proprietary intelligence

Czech Republic 

Investment groups PPF, EC Investments and Rockaway are considering an IPO of e-commerce company Mall Group, sources said. JPMorgan is likely to be mandated. A listing could value the online retailer at around EUR 1.5bn to EUR 2bn. The process is at an early stage and could include other exit routes beyond an IPO. An IPO on a Western European exchange such as Amsterdam seems the most likely option. Prague Stock Exchange (PSE) has been considered and there were also discussions about a Warsaw listing late last year. The three funds are planning to sell part of their stakes but are not looking to exit Mall Group entirely. – Proprietary intelligence

Israel

Chakratec, an electric vehicle charging stations and services provider, is planning to list on the Tel Aviv Stock Exchange to raise tens of millions of shekels at a pre-money valuation of ILS 350m-ILS 400m (USD 106.7m-USD 123m), Globes reported. Chakratec recorded a loss of ILS 9m in 1H20, compared with a loss of ILS 24m in 2018 and 2019. – Press report

Italy

Influence engine optimisation platform Buzzoole could consider a stock market listing once it reaches annual revenues of EUR 20m, Board Member Amedeo Giurazza told this news service. A potential future IPO would help Buzzoole raise extra funds to accelerate its expansion plans, including M&A, the board member said. Buzzoole’s revenues are expected to reach around EUR 5m this year, up from EUR 3.5m in 2019. The company has not yet set a roadmap for a listing. – Proprietary intelligence

Norway

Arctic Fish has raised NOK 600m (EUR 58m) via a private placement of shares at NOK 61.2 per share. DNB Markets and Pareto Securities acted as joint glocos. Admission to trading on Euronext Growth Oslo follows the placement. – Company press release

Romania

Bitdefender, a cybersecurity company, is likely to pursue an IPO next year, sources said. Sponsor Vitruvian Partners is angling for a 2022 exit. A listing in the US or in London as the most likely route. UiPath and Avast [LON:AVST] are seen as comps. – Proprietary intelligence

Russia

Sibur Holding’s Chief Financial Officer Peter O’Brien has said the petrochemicals group’s long-awaited initial public offering is unlikely to happen in the next couple of years, Ft.com reported. O’Brien said flotation is more likely to take place closer to the launch of a USD 10bn polymer production facility in Amur in the Far East of Russia. – Press report

Russia/UK

Fix Price, a single-price retailer, plans to file for an IPO on the London Stock Exchange’s Main Market. The selling shareholders include Luncor Overseas, LF Group DMCC, Samonico Holdings, GLQ International Holdings. BofA Securities, Citigroup, JP Morgan, Morgan Stanley and VTB Capital are the glocos. – Company press release

Saudi Arabia

Alkhorayef Water & Power Technologies Co. has successfully completed the book-building process for institutional investors and set the final offer price at SAR 72 per share. Saudi Fransi Capital and EFG Hermes KSA are running the deal. Up to 10% of the offering size, or 750,000 ordinary shares, will be allocated to retail investors during the IPO period. The retail offering will open from February 16 and close on February 17. – Stock exchange announcement

Spain

Grupo Gransolar, a company dedicated to the engineering and construction of photovoltaic solar plants, has hired investment banks Bank of America and AZ Capital to strengthen its growth strategy, El Economista reported. The company is valued at EUR 500m. Initially, the idea was to list the company on the stock exchange, but the most likely option now is a sale to a third party. – Press report

Opdenergy, a renewable energy company, has given selected investors an early look this week ahead of its planned IPO, sources said. Early-look meetings in February point towards a likely attempt to pursue the post-Easter window, making it the first among peers out the gates. Opdenergy is one of three Spanish renewable companies considering 2021 IPOs, alongside Ecoener and Capital Energy, as reported by this news service. – Proprietary intelligence

Sweden

Cint covered IPO books at the top end of its SEK 62-SEK 72 (EUR 6.14-EUR 7.13) per share price range shortly after launch on 11 February, sources said. The Nordic Capital-backed market research platform is pushing almost 10x coverage at the top end of the initial range. Bookbuild is expected to run until February 18, and shares will begin trading on Nasdaq Stockholm on February 19. – Proprietary intelligence

Desenio Group AB (publ), a direct-to-consumer wall art company, intends to list its shares on Nasdaq First North Growth Market in Stockholm following a private placement to Swedish and international qualified investors. ABG Sundal Collier and Carnegie Investment Bank are the glocos. Desenio Group is a portfolio company of Verdane. – Company press release

Trustly has received inbound interest from special purpose acquisition vehicles (SPAC) en route to its planned IPO amidst criticism that environmental, social and corporate governance (ESG) concerns could turn off potential public market investors, four sources said. Owner Nordic Capital has hired Goldman Sachs, JP Morgan and Carnegie for a Stockholm flotation of the payments processing firm expected as early as April. Trustly, which enables direct transactions between bank accounts without middlemen such as PayPal and cards, reportedly expects a valuation of EUR 7bn-EUR 9bn (USD 8.5bn-USD 11bn). – Proprietary intelligence

Ukraine/UK

Parimatch, an online sports betting company, is considering a flotation on the London Stock Exchange, The Times reported. Parimatch is majority-owned by the founding Belorusskaya family. The business is estimated to be worth more than USD 1bn. As well as its betting business, Parimatch has a faster-growing gaming technology operation that is thought likely to be included in any listing process. – Press report

UK

Aurora Acquisition Corp, a blank check firm, filed to raise up to USD 200m in an initial public offering. The firm will issue 20m units for USD 10 each. Barclays is the bookrunner. – Regulatory filing

Darktrace’s efforts to secure investment in its upcoming IPO may be affected by the unexpected resignation of UBS [SWX:UBSG] as an adviser, Sky News reported. UBS has informed Darktrace it is stepping down as a lead adviser because the firm’s compliance unit decided it would not be able to file the necessary Suspicious Activity Reports. A person with close links to Darktrace said UBS’ move was an issue relating to the Swiss bank rather than an issue relating to the cybersecurity software supplier. – Press report

Made.com, an online furniture vendor, is considering floating on the stock market within months, Sky News reported. Made.com will achieve a valuation significantly higher than GBP 500m (USD 691m), possibly nearing the GBP 1bn mark. The business could also look at selling itself in its entirety, or taking onboard a strategic investor. In 2019 the company reported a 22% rise in revenues to GBP 212m and sales have further accelerated since that time. – Press report

Virgin Group Acquisition Corp. II, a blank check firm, filed to raise up to USD 330m in an initial public offering. The firm will offer 33m units for USD 10 each. Credit Suisse is the book running manager. – Regulatory filing

Rights Issues

Spain

Cellnex Telecom’s [BME:CLNX] 13% shareholder Edizione is likely considering an overnight allocation of its rights once the company’s cash call goes live, sources said. The Madrid-based telco infrastructure company announced a EUR 7bn rights issue on 3 February alongside an agreement to buy Hivory from Altice [AMS:ATC] for EUR 5.2bn. The rights issue is fully underwritten by JPMorgan, Barclays Bank Ireland, BNP Paribas and Goldman Sachs. – Proprietary intelligence

UK

easyJet [LON:EZJ], the budget air carrier, is rumoured to be preparing for a rights issue or placing, Betaville reported. BNP Paribas and Credit Suisse are understood to be playing a part in the planned deal. The exact amount easyJet hopes to raise is unknown but one person monitoring the matter suggested it could be as much as GBP 500m (USD 691m), according to the report. – Press report

Secondary placements and open offers

Netherlands

Basic-Fit N.V. [AMS: BFIT], a fitness chain, has successfully secured a EUR 150m bridge facility. It expects to refinance it with debt, equity or equity-linked instruments. ABN AMRO and Rabobank acted as Bookrunning Mandate Lead Arrangers on the bridge facility. – Company press release

Norway

Flyr, an airline, has raised gross proceeds of NOK 600m (EUR 58.6m) through the allocation of 120,000,000 new shares at a price of NOK 5 per share. The placement values the company at NOK 750m (EUR 73.2m). Arctic Securities, Carnegie and Sparebank1 Markets managed the private placement. – Company press release

Sonans Holding, a provider of private education services, has closed its offerings raising NOK 1.375bn (EUR 133.44m), with the allocation of 27.5m shares priced at NOK 50 (EUR 4.89) each. ABG Sundal Collier and Nordea Bank are the glocos. – Company press release

UK

Jet2 [LON:JET2], a leisure travel group, has raised GBP 422m in an oversubscribed fundraise. Canaccord Genuity and Jefferies were the glocos. – Company press release

Target Healthcare REIT plc [LSE: THRL], a specialist investor in care homes, plans to raise around GBP 50m by way of an initial placing, offer for subscription and intermediaries offer at an issue price of 111 pence per new ordinary share. – Company press release

Mitchells & Butlers [LON:MAB], a pubs operator, plans to raise GBP 350m via placing. The company will issue about 167 million new ordinary shares at the subscription price of 210 pence per share. Morgan Stanley to run the deal. – Stock exchange announcement

UK/US

Mereo BioPharma Group plc [NASDAQ: MREO], an international biopharmaceutical company, has raised USD 115.1m from its initial public offering. The company sold 39.675m American Depositary Shares for USD 2.90 each. SVB Leerink was the bookrunner. – Company press release