Retail investors to be courted in biggest Nordic flotation in years
ISS, the Danish outsourcing group, intends to attract retail investors to its stock market flotation in Copenhagen, the biggest Nordic flotation in 14 years. “There’s potential to have strong demand,” chief executive Jeff Gravenhorst said yesterday. “The percentage that goes to the retail investor will depend on their appetite.”
ISS, which is part-owned by Sweden’s EQT Partners and Goldman Sachs, is trying to come to market for a third time, having pulled plans in 2007 and 2011. In 2011 it was almost taken over by the UK’s G4S in a £5.2bn deal, which was eventually withdrawn.
Gravenhorst, who is about to embark on an investor roadshow in London, New York and the Nordic countries, said its private equity investors had created a “completely different company” that was now an all-embracing services and outsourcing group.
The group expects to raise around £900m in new money.
Gravenhorst said the company had decided to list on the Nasdaq-owned Copenhagen exchange since Danes knew the name and he added that the domestic stock market had also developed strongly.
ADVISERS | BANKS LINE UP AS FIRMS BROKER MEGA DEALS
KING’S FLOTATION
JP MORGAN, BAML, CREDIT SUISSE
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ISS’ DANISH IPO
HARALD GRON, NORDEA
Nordea, Goldman Sachs and UBS are acting as joint global co-ordinators on the float and as joint bookrunners alongside Barclays and Morgan Stanley. Harald Gron is leading the team at Nordea. Alasdair Warren and Bjarke Mikkelsen are the key players at Goldman Sachs, while it is Jean-Baptiste Petard and Jasper Tans at UBS. Nick Gradel is the main man at Barclays and the Morgan Stanley team is being led by Franck Pettigas.
ACTAVIS’ DEAL
GREENHILL & CO
Boutique investment bank Greenhill & Co won the coveted lead spot on Actavis’ $25bn bid for Forest, sending its shares 28 per cent higher yesterday afternoon. Based on value, the deal shot Greenhill up the M&A table into 14th place, according to Dealogic. Latham & Watkins provided legal advice to Actavis, while JP Morgan lined up as financial adviser to Forest, which hired Wachtell Lipton Rosen & Katz as its lawyers.