STOCKHOLM Feb 4 Swedish drug firm Recipharm has chosen local banks Carnegie and SEB to advise it on a potential 2014 stock market listing that could value it at around 2.5 billion crowns ($383 million) including debt, four people familiar with the matter said.
Preparations to list companies in Sweden have gathered pace in recent months. Late last year, the Stockholm stock exchange received the first two initial public offerings (IPOs) on its main list after a drought of more than two years.
One of them was the biggest in seven years - bath and toilet maker Sanitec - which has gained 19 percent since its debut in a roughly flat broader market.
Recipharm, a contract manufacturer and developer of drugs for the pharmaceutical industry, had sales of 2.1 billion crowns in 2012 and earnings before interest, taxes, depreciation and amortisation (EBITDA) of 281 million. It employs around 1,600 people.
The sources declined to be identified because the plans are not yet public. Recipharm, Carnegie and SEB all declined to comment.
The plans to list the company come as it seeks access to financing for further growth and follows an aborted attempt to sell a stake in the firm last year.
When private equity firm BC Partners in 2012 bought German drug firm Aenova, whose business is similar to Recipharm's, it paid between 10 and 11 times EBITDA, according to a person familiar with that transaction.
Applying a multiple of 10 to Recipharm's 2012 earnings would value it at 2.8 billion Swedish crowns, including debt. Recipharm has not yet published figures for 2013.
Much-bigger U.S. peer Catalent, owned by private equity firm Blackstone, last month filed a registration statement for an IPO with the U.S. Securities and Exchange Commission.
Recipharm was founded in 1995 and is jointly owned by its two founders - Chairman Lars Backsell and Chief Executive Thomas Eldered.
($1 = 6.5313 Swedish crowns) (Reporting by Sven Nordenstam; Editing by Pravin Char)