2 Min Read
STOCKHOLM, Feb 24 (Reuters) - Swedish property firm Hemfosa said on Monday it planned to raise up to 950 million Swedish crowns ($145 million) in a listing on the Stockholm stock exchange, joining a recent wave of Nordic IPOs.
Owned by institutional investors and employees, Hemfosa said the IPO would comprise new shares and existing shares to be sold by a group of Swedish institutional investors.
The shares will be offered to institutional investors in Sweden and abroad, and in a retail offering to the Swedish public.
The IPO is expected to be priced in March.
"The planned IPO is an important milestone for Hemfosa in our effort to create a long-term strong platform for future growth," said CEO Jens Engwall.
Hemfosa has commercial properties in Sweden with a total value of 16 billion Swedish crowns ($2.45 billion) and is targeting gross proceeds of 500 million to 950 million Swedish crowns ($76 million - $145 million).
It plans to use the proceeds for further property acquisitions.
The Nordic region has seen a resurgence of interest in public listings following an extended dry spell.
Danish business services firm ISS said last week it is planning a return to the Copenhagen stock market with an IPO aimed at raising 8 billion crowns ($1.47 billion).
Swedish manufacturer Bufab has announced plans to list on the Stockholm exchange while sources this month said drug firm Recipharm had chosen local banks Carnegie and SEB to advise it on a potential 2014 stock market listing.
$1 = 6.5411 Swedish crowns Reporting by Mia Shanley; editing by Jason Neely