AffectoGenimap, an IT company owned by the Fenno Fund, has listed on the Helsinki Stock Exchange with a market capitalisation of €12.3m.
The Fenno Fund, which is co-managed by Finnish private equity firms Fenno Management and CapMan, sold 2,565,707 of its shares in the company at €4.80 per share.
The float saw the fund reduce its stake from 33.7% to 12.4%. There is a six month lock-in period.
The fund invested in Affecto in 1999, and Fenno Management took control of the development of the company. In autumn 2004, Affecto merged with Genimap, another IT business.
This is the first IPO in Helsinki since QPR Software, a business software company owned by Finnish private equity firm Oko-Invest, launched in March 2002.