by Terje Solsvik and Charlie Conchie
OSLO (Reuters) – Verisure security service company, based in Switzerland, announced its intention to enter the Stockholm Stockholm Stock Exchange on Wednesday with the aim of raising 3.1 billion euros.
The fundraising will notably refinance part of its debt and finance the acquisition of ADT Mexico City, the company said in a press release.
Verisure’s IPO (IPO), which could be one of the largest in Europe for years, is part of a more general takeover of the European IPO market after a first gloomy semester.
Verisure said that two existing owners, Alba Investments and Securholds Spain, would participate in the IPO. The company said it expected to raise 235 million euros from them.
Verisure refused to express themselves on the potential assessment of the company.
The security services company said it had significant growth margin after having tripled the number of its customers between 2014 and 2024 more than tripled.
“Although we are well established as a market leader, we are only starting to start and we have a long road ahead of us,” said Austin Lally, Managing Director of Verisure, in a statement.
Verisure’s adjusted operating profit jumped 24% last year to 819 million euros. Its turnover increased by 10% to 3.4 billion euros.
Verisure said that the Nasdaq Stockholm Stock Exchange concluded that the company met the conditions required for a rating. The full conditions would be included in an Introduction on the stock market that will be published later, added the company.
Verisure was created in 1988 as a division of the Swedish Security Group Securitas, under the name of Securitas Direct, which fell on the stock market in 2006. The main owner of the manufacturer of alarm systems is today Hellman & Friedman, American investment company.
Direct Securitas was bought in 2008 by the Swedish Investment Capital Company EQT, which then removed it from the coast. EQT is three years later sold direct securitas to Bain Capital and Hellman & Friedman.
In 2014, the company was divided into two companies, including Verisure, which focuses on domestic alarms. Hellman & Friedman bought the Bain Capital participation in Verisure in 2015.
(Written by Terje Solsvik and Charlie Conchie; Etienne Breban; edited by Augustin Turpin)
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