(Bloomberg) -- Cary Group Holding AB, a vehicle glass repair and replacement provider, plans to launch an initial public offering on Nasdaq Stockholm during the second half of the year.
The listing will help the Swedish company to “strengthen its balance sheet, which will support further M&A consolidation,” according to a statement on Friday.
The IPO is expected to value Cary at 9.2 billion Swedish kronor ($1.1 billion) and will provide the company with gross proceeds of about 1.25 billion kronor, some of which will be used to pay repay an oustanding shareholder loan.
Rydgruppen Sverige AB and funds managed by private equity firm Nordic Capital indirectly control Cary’s principal shareholder, Cidron Legion Sarl. The glass repair company generated adjusted earnings before interest, tax and amortization of 175 million kronor on net sales of 1 billion kronor for the first six months of 2021, according to the statement.
Carnegie Investment Bank, Danske Bank and Jefferies have been appointed as joint global coordinators on the offering. On the buyside, investors including AMF and SEB Investment Management have undertaken to acquire shares totaling 3.15 billion kronor at 70 kronor per share.
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