COPENHAGEN Feb 13 Welltec, a Danish supplier of
oil and gas well equipment, is considering an initial public
offering (IPO) that would propel it into the Copenhagen stock
exchange's benchmark share index, business daily
The company is likely to achieve a market capitalisation of
over 10 billion Danish crowns ($1.80 billion), according to the
The group expects it made revenue of 1.35 billion to 1.5
billion crowns last year and that its earnings before interest,
tax, depreciation and amortisation (EBITDA) as a percentage of
sales exceeded the previous year's 49 percent.
A listing "could happen shortly", founder and main
shareholder Jorgen Hallundbaek told Borsen, while adding that a
final decision had yet to be made.
"We should be entering the C20-index..., which would ensure
we get a sufficient amount of attention," he said.
Last year, Welltec bought back shares from United
States-based private equity group Summit Partners, which now
holds 28 percent of its stock, according to Borsen.
It said Hallundbaek held about 60 percent and the rest is
owned by Welltec employees.
Welltec has hired advisors for the IPO but has not yet
chosen the lead investment bank for the listing, the paper