case / 24 Nov 2016
Setterwalls advises Serneke Group AB (publ) in connection with IPO on Nasdaq Stockholm
Setterwalls has advised Serneke Group AB (publ) in connection with its IPO on Nasdaq Stockholm. Carnegie Investment Bank AB (Carnegie) was Global Coordinator in the offering.
The offering, which was substantially over-subscribed, comprised 5,786,818 series B shares, corresponding to approximately 26 percent of the total number of shares in the Company after the Offering. The company has also granted Carnegie an over-allotment option to purchase up to 681,818 shares in the offering. The total value of the offering amounts to approximately SEK 637 million and assuming that the over-allotment option is exercised in full the total value of the offering amounts to approximately SEK 712 million. The market value of Serneke amounts to approximately SEK 2,447 million upon completion of the offering and assuming that the over-allotment option is exercised in full the market value of Serneke amounts to approximately SEK 2,522 million.
Serneke is one of Sweden’s fastest growing construction and project development groups, with a comprehensive offering in construction, civil engineering, project development and property management. Since the Company was founded in 2002, it has developed from a local construction company into a dynamic and fast-growing construction company with a strong portfolio in project development. Between 2002 and 2015, Serneke’s income grew from SEK 14 million to SEK 3.1 billion, with an average annual growth rate of 51.5 percent.
The Company builds, develops and manages housing, commercial buildings, industrial facilities, public buildings, roads and civil engineering projects, and other infrastructure. Serneke also works with project development and property management.