Hafslund to spin off its technical services unit at 20-25 nkr a share |
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Published
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Mon, 19 Nov 2007 09:15
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OSLO (Thomson Financial) - The technical services unit of Norwegian power group Hafslund ASA is to list on the Oslo Bors with a market capitalisation of up to 792 mln nkr.Hafslund Infratek's board said it will offer 8-10 mln new shares and Hafsulund itself will offer up to 10 mln secondary shares in the initial public offering (IPO) to be completed in connection with its listing.Hafslund said the indicative price range was set between 20-25 nkr a share, implying a market capitalisation of the unit of 634 mln nkr to 792 mln nkr.In the first nine months of 2007 Hafslund Infratek reported turnover of 947 mln nkr.The book building period will run from November 19 to November 30 and shares will start trading from December 5.Hafslund said the gross proceeds from the offering would amount to about 200 mln nkr.'The net proceeds from the offering will be used to further strengthen the strategic and financial position of Hafslund Infratek as a standalone entity,' Hafslund said in a statement.A 'significant part' of the net proceeds would be used to repay debt to the parent company, mainly related to the financing of working capital.Carnegie is acting as lead manager and sole bookrunner for the listing and the offering, while DnB NOR Markets is acting as co-lead manager for the offering.patrick.mcloughlin@thomson.compm/salCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Hafslund to float technical services unit on Oslo Bors 