Danish IT growth star Netcompany has just filed for its IPO on the Copenhagen Stock Exchange with a mid-range market valuation of around €1 billion. The company has been an unique growth story as the first Danish company in 20 years to break the 1,000 Danish employees mark from scratch.
With its recent string of acquisitions, the company is also gearing up for international expansion.
The offer period will commence on May 23 and will close no later than June 6 at 11:00 CET (the closing date can be moved forward if demand is high). In its IPO prospectus, the company and its joint global coordinators and joint bookrunners expect the first day of trading on June 7. Netcompany is offering 20,000,000 shares from existing shareholders in the DKK 135-165 price range with an additional over-allotment option to the joint global coordinators. As a result, the company will not receive any proceeds from the IPO, but given that Netcompany does not invest heavily in physical assets and has easy access to lease financing, additional equity financing is not necessary.
The total number of shares outstanding post the IPO is 50,000,000. If the joint global coordinators exercise their over-allotment option, the free-floating shares will be 23,000,000. leading to an attractive free float of 46% which is a good starting point for liquidity.