The Industri Kapital 1997 fund has sold 2,500,000 Swedish Depositary Receipts (SDRs) in Oriflame Cosmetics SA to a number of Swedish and international institutional investors, corresponding to 4.2% of the total number of shares and votes in the company. The SDRs were sold at SEK235 per share.
The Industri Kapital 1997 Fund’s holding thereby decreased from 9,503,333 SDRs to 7,003,333 SDRs, meanings its stake in the company reduces from 16% to 11.8%.
Oriflame floated on the Stockholm Exchange’s O-List almost two years ago in March 2004. The offering was more than 10 times oversubscribed and generated a 5.8x return for Industri Kapital. This is the second time Oriflame has gone down the IPO route. Industri Kapital backed the business in 1999 in a public-to-private transaction when it delisted the company from the London Stock Exchange. Industri Kapital’s 1997 Fund paid €90m for a 39% stake in the company.