Verisure’s Stockholm IPO Values Alarm Maker at $16 Billion
Swiss-based security services group Verisure (VSURE.ST) said on Wednesday that it had priced its initial public offering (IPO) on the Stockholm Exchange at €13.25 per share, valuing the company at around €13.7 billion ($15.9 billion).
Trading in the shares began on Wednesday.
Verisure, which had set its price range between €12.25 and €13.50 per share, said in a statement that the offering was heavily oversubscribed.
“The IPO attracted strong interest from both Swedish and international institutional investors, as well as from the general public in Sweden,” the company said.
The IPO marks one of Europe’s largest listings this year and comes amid a broader recovery in the equity markets, following a sluggish first half when several offerings were postponed due to geopolitical tensions and concerns over Middle East conflicts.
Originally part of Sweden’s Securitas (SECUb.ST), Verisure was spun off and listed as Securitas Direct in 2006. The company is now majority-owned by U.S. private equity firm Hellman & Friedman.
Verisure announced in September that it planned to list on Nasdaq Stockholm and raise €3.1 billion in what would be one of Europe’s largest IPOs in recent years.
The company added that if the overallotment option is fully exercised, total proceeds from the offering would reach approximately €3.6 billion.
(Exchange rate: $1 = €0.8610)
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