April 18, 2017 / 9:06 AM / in 3 years

UPDATE 1-Finnish used car retailer Kamux revives IPO plan

(Adds comments, detail)

HELSINKI, April 18 (Reuters) - Finland’s Kamux, a used car retailer, is making a fresh attempt to list its shares after withdrawing an initial public offering (IPO) last year, it said on Tuesday.

Kamux, majority-owned by Finnish private equity firm Intera Partners, last year cancelled its IPO after an internal audit found that salaries of some employees had been partly paid in fuel, meaning the company had not paid all of its taxes.

Spokeswoman Satu Heikkila said the unpaid taxes and social security costs amounted to less than 60,000 euros ($64,900), that the company had resolved the problem, and that the cancellation of the previous IPO had nothing to do with the level of investors’ interest in the company.

“(The cancellation) was regrettable because interest towards the company was strong ... but corporate responsibility issues are extremely important these days,” she said.

The new IPO is aimed at raising about 20 million euros of new equity that would be used to support growth. The shares would be listed on the main list of the Helsinki bourse.

Last year, the company had revenue of 405 million euros, up 31 percent from 2015. Kamux, which has business in Finland, Sweden and Germany, said it was targeting at least 700 million euros of sales by 2019.

Kamux declined to give a timetable for the planned listing.

Skandinaviska Enskilda Banken is the financial adviser and the bookrunner for the IPO, while OP Corporate Bank is the co-lead manager.

$1 = 0.9390 euros Reporting by Jussi Rosendahl; Editing by Mark Potter

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