Five sources who were familiar with the process disclosed to Reuters that Swiss Investor AB and private equity firm Altor had selected the banks who will be managing the planned listing of Lindorff, a Norway-based debt collector. The news agency noted the listing as another sign that initial public listing activity is growing in the Nordic region into next year.
The sources, who refused to be identified as the matter was private, said the Lindorff's owners tapped Goldman Sachs, Morgan Stanley and Swedish banks Carnegie and SEB as its managers for the debt collector's IPO. Lindorff's listing is expected to put the Nordic firm's value at around SEK15 billion or USD2.29 billion, which would also include EUR770 million or USD1.06 billion of debt.
Lindorff's IPO is much anticipated by investors and bankers that were eager to see a float this size in the Nordic region. Lindorff offers services that include invoice administration and debt collection, and had been seeing strong earnings in the last few years.
Investors owns 50% of Lindorff at a stake purchase in 2008. Altor has owned the debt collector for ten years.
One of the sources revealed that a Stockholm listing holds an 89% probability as the owners of Lindorff as based there and that rival Intrum Justitia is also listed in the European bourse. However, the source did not contest the fact that Lindorff could get listed in Oslo. The source also added that Investor and Altor was keen to keep its majority holding in the company after the listing.
"It all depends on market sentiment, but I would be very surprised if Investor and Altor did not retain over 50 percent. The two are fine to continue as large owners," the source said.
When asked for comment by the news agency, all banks mentioned, Investor, Altor, and Lindorff refused to comment.
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