REFILE-UPDATE 1-Danish retailer Matas's share offer 'oversubscribed'

Wed Jun 19, 2013 11:27am EDT

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By Ole Mikkelsen

COPENHAGEN, June 19 (Reuters) - Danish beauty product retailer Matas has received enough orders to sell all the shares on offer in its planned stock market flotation, three sources close to the process said.

Matas said last week its majority owners, including private equity group CVC Capital Partners, would sell between 16.3 million and 21.3 million shares, setting an indicative price range of 100 to 120 Danish crowns per share.

That would value the company at between 4.1 billion and 4.9 billion Danish crowns ($733-876 million).

The sale includes a 'greenshoe' over-allotment option, which would enable the size of the offering to be increased by as much as 15 percent if there is strong demand.

"There are now orders from institutional investors that cover the full share offering including a greenshoe," one of the sources said.

As much as 60 percent of Matas will be sold in the offering, with the existing owners retaining 40 percent of the company.

CVC paid 5.2 billion crowns in 2007 for a 66 percent stake in Matas, which has 296 stores throughout Denmark and Sweden selling beauty products, vitamins, dietary supplements and non-prescription medicines.

The rest is owned by former store owners and company management.

Up to 10 percent of the shares on offer are expected to be sold to individual private investors, the source said.

The offer to institutional investors will close no later than June 27, while the 3 million-crown offering to individual retail investors closes on Friday.

Morgan Stanley and Nordea are joint global coordinators and joint bookrunners while Carnegie, Danske Bank and SEB are co-lead managers. ($1=5.5702 Danish crowns) (Additional reporting by Kylie MacLellan in London; Editing by Greg Mahlich)

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