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ETF News

Hemnet shares jump 50% in Stockholm stock market debut

STOCKHOLM, April 27 (Reuters) - Shares of Swedish real estate web portal Hemnet, backed by U.S. private equity firm General Atlantic, rose 50% on its debut on Nasdaq Stockholm on Tuesday.

The shares, trading at 165 Swedish crowns at 0852, were priced at 115 crowns. They touched a high of 172.48 crowns.

The offering comprised of 17.9 million ordinary shares, corresponding to about 17.7% of the total number of shares in the company.

Founded in 1998, Hemnet was acquired by General Atlantic and Sprints Capital in 2016 for about 2 billion crowns ($232 million) and the company is now Sweden’s largest housing portal.

Swedish housing prices rose to all-time highs in 2020 and housing prices on average are expected to be 9% higher in 2021, according to a report here by Nordea.

The price of single family homes rocketed 17% in the first three months of the year, according to Svensk Maklarstatistik, an association of real estate agents. (Reporting by Supantha Mukherjee in Stockholm; editing by Niklas Pollard)

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