STOCKHOLM (Reuters) – Verisure climbs on the Stockholm Stock Exchange on Wednesday for its first day of trading, marking the largest initial public offering (IPO) for a European company since 2016, according to LSEG data.
At 08:20 GMT, Verisure shares rose 16.1% to 15.38 euros.
The offer price for the security services group’s shares was announced at 13.25 euros earlier on Wednesday, valuing the group at 13.7 billion euros.
The Swiss-based alarm systems provider’s IPO is part of a broader recovery in the European IPO market after a sluggish first half.
Verisure, which had previously set a share price range between 12.25 and 13.50 euros, said in a statement that the offer had been repeatedly oversubscribed.
“The offering has attracted strong interest from Swedish and international institutional investors, as well as the general Swedish public,” the group said.
Verisure, previously a subsidiary of Swedish company Securitas, was first listed in 2006 under the name Securitas Direct. Its current majority owner is the American private equity firm Hellman & Friedman.
The group revealed in September its intention to list on the Swedish Nasdaq and raise 3.1 billion euros.
He said on Wednesday that if an over-allotment option is exercised in full, proceeds from the IPO will amount to around 3.6 billion euros.
(Written by Anna Ringstrom, Etienne Breban, edited by Blandine Hénault)
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