Ratos: Inwido to be listed today
This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act or demands made in the exchange rules.
Not for publication, distribution or release, directly or indirectly, in or into
the United States, Australia, Hong Kong, Canada or Japan.
Inwido AB (publ) is to be listed on Nasdaq OMX Stockholm today. The final
offering price has been set at SEK 68 per share. After the listing, Ratos's
ownership share amounts to 31.3%. If the over-allotment option is fully
exercised, Ratos's ownership share will amount to 21.5%.
The final offering price has been set at SEK 68 per share, corresponding to a
market value of all shares issued by Inwido of approximately SEK 3,942 m. In
accordance with the terms of the offering, Ratos has sold 37,678,668 shares for
a total value of approximately SEK 2,562m.
Ratos has also issued an over-allotment option of up to an additional 5,651,796
shares, corresponding to 15% of the total number of shares included in the
offering and approximately 9.7% of the total number of shares in the company.
The over-allotment option may be exercised within 30 calendar days after the
first listing day.
After finalising the offering (including transfers set out in the prospectus),
Ratos's ownership share in Inwido amounts to 31.3%. If the over-allotment option
is fully exercised, Ratos's ownership share will amount to 21.5%. Ratos has
undertaken not to sell any additional shares in Inwido (other than the potential
exercise of the over-allotment option) during a period of 180 days after the
first listing day.
The offering was oversubscribed several times. All investors who applied to
acquire shares within the public offering in Sweden have been allocated shares.
The first day of trading in Inwido's shares on Nasdaq OMX Stockholm is today 26
September 2014 under the ticker symbol "INWI".
"There has been great interest in this IPO from both private individuals and
institutions in Sweden and internationally. This is pleasing and lays the
foundation for a good start for Inwido as a listed company. After ten years as
principal owner and extensive improvement initiatives in Inwido, we now look
forward to continuing our strong ownership involvement in cooperation with all
the company's new shareholders," says Ratos's CEO Susanna Campbell.
Financial effects for Ratos
Ratos's exit gain amounts to approximately SEK 1,150m. As Inwido will, following
the completion of the transaction, change from a subsidiary to an associate
company, Ratos must, according to IFRS, revalue the entire holding to fair
value, based on the listing price. The exit gain is therefore based on the
realised value of sold shares and on the appreciation in value in connection
with the revaluation of the shares retained. The final exit gain will, among
other factors, be affected by Ratos's profit share from Inwido during the time
period up until the listing. Ratos has invested (net) approximately SEK 1,125m
in Inwido and over the ten-year holding period the average annual return (IRR)
amounts thus far to approximately 15%. Ratos has received approximately 3.3
times the investment.
For further information, please contact:
Susanna Campbell, CEO Ratos, +46 8 700 17 00
Emma Rheborg, Head of Corporate Communications, Ratos, +46 73 380 22 63
Håkan Jeppsson, CEO Inwido, +46 70 550 15 17
IMPORTANT INFORMATION
This press release is not an offer regarding shares or other securities issued
by Inwido AB ("Inwido").
This press release may not be distributed in or into the United States,
Australia, Hong Kong, Japan, Canada or in any other jurisdiction where such
action is wholly or partially subject to legal restrictions, or would require
additional prospectuses, registration or other measures than those required by
Swedish law. Nor may the information in this press release be forwarded or
reproduced in a manner that contravenes such restrictions or gives cause to such
requirements.
No securities issued by Inwido have been or will be registered under the United
States Securities Act of 1933, as amended ("Securities Act") and may not be
offered, sold or otherwise transferred, directly or indirectly, in or into the
United States except under an available exemption from, or in a transaction not
subject to, the registration requirements under the Securities Act. No public
offering will be made in the United States.
The offer and sale of the shares in Canada will only be made in the Provinces of
Ontario and Québec or to residents thereof and not in, or to the residents of,
any other Province or Territory of Canada. Such offers and sales will be made
only under exemptions from the requirement to file a prospectus with the Ontario
Securities Commission and/or the Autorité des marchés financiers and will be
made only by authorized dealer representatives of the international managers
that are properly registered under the laws of the Provinces of Ontario and/or
Québec or, alternatively, are entitled to rely on exemptions from the dealer
registration requirements in the Provinces of Ontario and/or Québec.
In member states within the European Economic Area (EEA) (other than Sweden)
which have implemented Directive 2003/71/EC (the "Prospectus Directive"), this
press release is directed only at qualified investors as defined in the
Prospectus Directive.
This press release may contain certain forward-looking statements that reflect
Ratos's and/or Inwido's current views on future events as well as financial and
operational performance. Words such as "intend", "assess", "expect", "may",
"plan", "believe", "estimate" and other expressions entailing indications or
predictions of future development or trends, and which are not based on
historical facts, constitute forward-looking statements. Forward-looking
statements inherently involve both known and unknown risks and uncertainties as
they depend on future events and circumstances. Forward-looking statements
information is not a guarantee of future results or performance, and the actual
outcome may differ materially from the information set forth in the forward-
looking statements.
A prospectus prepared in accordance with the Prospectus Directive has been
published by Inwido and is, with certain restrictions, available at
www.inwido.com and www.ratos.se.
Financial calendar from Ratos:
Interim report January-September 2014 7 November 2014
Year-end report 2014 19 February 2015
Annual General Meeting 2015 16 April 2015
Interim report January-March 2015 7 May 2015
Interim report January-June 2015 14 August 2015
Interim report January-September 2015 6 November 2015
Ratos is a private equity conglomerate. The company's mission is to maximise
shareholder value over time through the professional, active and responsible
exercise of its ownership role in primarily medium to large unlisted Nordic
companies. Ratos's holdings include AH Industries, Aibel, Arcus-Gruppen, Biolin
Scientific, Bisnode, DIAB, Euromaint, GS-Hydro, Hafa Bathroom Group, HENT, HL
Display, Inwido, Jøtul, KVD, Mobile Climate Control, Nebula, Nordic Cinema Group
and SB Seating. Ratos is listed on Nasdaq OMX Stockholm and market
capitalisation amounts to approximately SEK 18 billion.
