17.06.2015

Alimak IPO oversubscribed

Alimak is now officially a public company with its Initial Public Offering oversubscribed and the shares priced at the top end the range.

The shares were finally priced at SEK 93 ($10) - close to the top of the anticipated price range of SEK 80-95 – the price gives Alimak a market capitalisation of SEK 4 billion ($434 million).

The Offering attracted strong interest among Swedish and international institutional investors as well as individual Swedish investors. The Offering was over-subscribed multiple times and as a result was increased in full by 3.9 million additional shares, taking the total sold to 23.7 million shares or 55 percent of the company’s equity.Triton sold 23.2 million shares while shareholder employees sold 571,332 shares.

Triton has also undertaken to sell up to 3.6 million additional shares, as an Over Allotment Option, exercisable over the next 30 days. If the Over Allotment Option is exercised in full, the number of shares in public hands will reach 63 percent.

Assuming the Over Allotment Option is exercised in full, Alimak’s largest shareholders will be Triton with 28 percent, Lannebo Fonder with seven percent, Swedbank Robur Fonder at five percent and Peder Pråhl - a private investor – with 3.7 percent.

Chief executive Tormod Gunleiksrud said: “We are very happy and proud of the significant interest shown in the Company from institutional investors and from the general public. The large demand from high quality investors in both Sweden and internationally is a confirmation of Alimak’s development until today as well as our strategy going forward. We are very much looking forward to running Alimak as a listed company.”

Chairman Anders Thelin added: “We are impressed by the outstanding work of Alimak’s management team in developing the company into a global market leader in industrial elevators and hoists with high profitability and significant growth potential. The listing is an important and exciting next step for Alimak and we look forward to take part in the company’s continued development together with new and existing shareholders.”

Björn Nilsson, general partner Triton Managers said: “The large interest shown in the company and the fact that the offering was many times over-subscribed is a seal of approval from the market and a validation of management’s hard work during many years. We look forward, together with the other shareholders, to continue taking part in Alimak’s future value creation in a listed environment.”