Bloomberg News

Matas Valued as High as 4.89 Billion Kroner in IPO, Owners Say

June 13, 2013

Matas A/S, the drugstore chain being sold in Denmark’s first initial public offering through a private-equity firm in almost three years, will be valued as high as 4.89 billion kroner ($875 million), the owners said.

The sellers, who include CVC Capital Partners Ltd., will offer 16.3 million to 21.3 million shares, according to a Copenhagen market filing today. The indicative price range is 100 kroner to 120 kroner a share.

The Matas offering will be the first IPO on the Nasdaq OMX Copenhagen stock exchange since 2011, when Danske Andelskassers Bank A/S sold shares. It’s the first by a unit of a private-equity group since Axcel A/S sold jewelry maker Pandora A/S on the stock market in October 2010. Matas shares will be listed no later than June 28, the company said today.

“The price seems attractive,” Jonas Guldborg Hansen, a consumer analyst at Silkeborg, Denmark-based Jyske Bank A/S, said by phone. “They shouldn’t have a problem” attracting investors.

Matas, based in Alleroed, Denmark, is the country’s biggest drugstore chain with 293 outlets.

“This is the right stage for Matas to benefit from an enhanced public profile and to strengthen the board, while we look forward to continuing to support the business going forward,” Soeren Vestergaard-Poulsen, Matas’s chairman and a partner at CVC, said in the statement.

The freely traded stake will be as much as 60 percent of total stock, Matas said. Morgan Stanley and Nordea Bank AB are joint global managers in the sale.

To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net


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