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Swedish electronic accessories firm Kjell & Company to launch IPO

·1-min read

STOCKHOLM (Reuters) - Consumer electronics accessories company Kjell & Company will list its shares on the Nasdaq First North Growth Market, with commitments from investors valuing it at 1.7 billion Swedish crowns ($198.4 million), the company said on Monday.

The Swedish company said AMF Fonder, Carnegie Fonder, Fosielund Holding, Lazard Asset Management, LMK Venture Partners, RoosGruppen and Strand Kapitalförvaltning would buy shares for 523 million crowns at 55 crowns per share.

Kjell & Company, which was founded in 1988, aims for net sales of at least 4 billion crowns by 2025 and an adjusted operating margin (EBITA) of 8% in the medium term.

Last year the company's sales grew 6.8% year-on-year to 2 billion crowns, with an operating margin of 7.3% versus 7.4% in 2019.

"The offering and the listing will broaden the company's new shareholder base and provide access to Swedish and international capital markets, which is expected to promote the company's continued growth and development," it said in a statement.

(Reporting by Helena Soderpalm; Editing by Simon Johnson)

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