Exits in brief

  • UK retailer Mosaic Fashions, owned by Baugur Group, completed the institutional tranche of its IPO on the Iceland Stock Exchange last week. The IKr3.7bn (US$57.2m) offer saw significant demand from Icelandic institutions, closing four times covered at final pricing. Sole bookrunner Kaupthing Bank will launch the IKr1.22bn retail offer on June 6. The institutional offer of 272.5m primary shares was priced at IKr13.60. Baugur was not selling any shares in the deal. The offer represented approximately 10% of Mosaic, with the retail tranche comprising a further 3%. The stock will begin trading on ICEX on June 21.
  • Dutch investment company Wedge International and property company TCN Property Holdings have completed their exit from construction company Ballast Nedam through a three-day marketed deal. The companies each held a 24% stake in the company but chose to sell down in a combined deal. ABN AMRO Rothschild and Kempen & Co were joint bookrunners. The offer comprised 4.3m depositary receipts, with a further 0.5m held as an extension option from Wedge. The offer closed on May 18 and was priced at €18.25, a 4.3% discount to the close, where it was more than 1.5x covered. The two companies received a combined €87.6m for their holding.
  • CSFB Ceramic Partners is launching the IPO of Polish tile company Opoczno. Pre-marketing will continue until May 24, when the company will set the price range for the offer, which opens the following day. CSFB is bookrunner, with Citigroup as lead manager on the international portion. The deal has been estimated at around Z330m (US$100m). Bookbuilding will be from May 25 to June 8 for retail investors, with a one-day extension for institutional investors. The issue is expected to see the placement of 16.5m shares – 98.8% of the company – all from CSFB Ceramic Partners. The offer will be priced and allocated on June 10, with the stock expected to begin trading on June 16. Opoczno has been owned by CSFB Ceramic Partners since 2004.
  • Bookbuilding began on May 16 for the IPO of Finnish mapping and business intelligence company AffectoGenimap in a deal that could see almost 70% of the company listed. Enskilda Securities is sole bookrunner, with Opstock Bank managing the small retail tranche as co-lead. The deal closes on May 26. The IPO comprises a base deal of 9.16m shares out of a post-issue total of 15.4m, with a primary portion of 2.1m shares. Given a price range of €4.20–€5.00, the primary portion could raise €8.82m–€10.50m for the company. Private equity sellers Eqvitec Partners, Fenno Management and management stand to raise €29.7m–€35.3m by reducing their shareholdings.