Offering price in Humana’s initial public offering set to SEK 62 per share – trading commences on Nasdaq Stockholm today

2016-03-22 08:00

Humana AB (“Humana” or the “Company”), a leading Nordic care provider, today announces the outcome of the offering to acquire shares in the Company in connection with the listing of the Company’s shares on Nasdaq Stockholm (the “Offering”). The Offering attracted very strong interest from both Swedish and international institutions as well as the general public in Sweden and employees of the Humana group. The Offering achieved an exceptional level of oversubscription.

The final price in the Offering has been set at SEK 62 per share, corresponding to a market capitalization of Humana of approximately SEK 3.3 billion

  • The Offering comprises in total 12,622,721 shares, of which 7,258,064 are newly issued shares offered by the Company and 5,364,657 are shares offered by the selling shareholders
  • The newly issued shares will provide the Company with gross proceeds of approximately SEK 450 million before deduction of costs related to the Offering
  • In order to cover potential over-allotment in the Offering, the principal owner, funds advised or managed by Argan Capital Management L.P. (“Argan Capital”), has at the request of the Managers (as defined below) undertaken to sell a maximum of 1,683,029 additional shares, corresponding to approximately 13 percent of the total number of shares in the Offering (the “Over-Allotment Option”)
  • Given full exercise of the Over-Allotment Option, the Offering will comprise 14,305,750 shares, corresponding to a total value of the Offering of approximately 887 SEK million and 26.9 percent of the total number of shares outstanding in the Company after completion of the Offering
  • The total number of shares in the Company comprises 53,140,064 shares after the Offering
  • Argan Capital will hold 55.7 percent of the total number of shares outstanding in the Company after completion of the Offering
  • Of the approximately 20,000 persons that have applied for shares in the Offering to the general public, all have been allotted shares
  • Trading in the Company’s shares on Nasdaq Stockholm commences today, 22 March 2016, under the trading symbol “HUM”
  • Settlement takes place on 24 March 2016

Rasmus Nerman, President & CEO of Humana, comments:

“I am very pleased with the large interest shown for Humana during the listing process, both from high quality institutional investors and from the general public. I am also particularly glad for the large interest to subscribe for shares among our employees where 700 colleagues now are shareholders in Humana. With added financial strength and access to the capital markets, we are well equipped to capture the growth opportunities we see in the market. The listing is an important milestone for Humana and I look forward to continuing to develop Humana as a listed company.”

Per Båtelson, Chairman of the Board of Humana comments:

“The large interest from both institutional and private investors is evidence of the Company’s hard work during the last years, and indicates a strong belief in Humana’s capability to implement its strategy and create value for the shareholders. I welcome all new shareholders and look forward to continuing to support the Company in its future development.

Advisers

Carnegie and SEB are acting as Joint Global Coordinators and Joint Bookrunners, ABG Sundal Collier and DNB are acting as Joint Bookrunners (collectively, the “Managers”). Mannheimer Swartling is legal adviser to Humana and Argan Capital. Gernandt & Danielsson is legal adviser to the Joint Global Coordinators and Joint Bookrunners.

For further information, please contact:
Cecilia Lannebo, Head of Investor Relations, 072-220 82 77, cecilia.lannebo@humana.se
Helena Pharmanson, Head of Communication, 073-434 46 44, helena.pharmanson@humana.se


About Humana

Humana is a leading Nordic care company with over 14,000 full and part time employees which offers services within individual and family care, personal assistance, elderly care and housing with special service according to LSS. Humana has since 2001 developed from being a niche company within personal assistance, to become a care company offering a broad range of high-quality care services. In Sweden, Humana is the market leader within both individual and family care as well as personal assistance. In Norway, Humana is the second largest provider of services within individual and family care. Humana’s goal is to improve the quality of day-to-day life for all the Company’s customers and clients. Operationally, Humana puts great focus and emphasis on quality and customer satisfaction based on the Company’s core values and vision. Humana strives to be a reliable and responsible employer and a long-term partner with a large commitment to society, continuously working to drive improvement in the care industry. Since 2009, the Company’s revenue has grown by a compound annual growth rate of 22 percent, driven by both organic initiatives and a large number of acquisitions. Humana’s strategy is to focus on operations in segments that are characterized by free customer choice and operations in full-responsibility homes. In 2015 Humana’s net revenue amounted to SEK 5,593 million and EBIT amounted to SEK 312 million.

About Argan Capital

Argan Capital is a leading independent European private equity fund focused on acquiring and developing European mid-market companies. These companies typically focus on the services, consumer and industrial sectors, and Argan creates value through improvement of core processes, business transformation and international expansion. Argan's main focus markets include the Nordic region, Italy, France and emerging Europe. Argan Capital has owned Humana since 2008.

Important information

This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by Humana AB (the "Company") in any jurisdiction where such offer or sale would be unlawful.

In EEA Member States, other than Sweden, that have implemented Directive 2003/71/EC as amended (together with any applicable implementing measures, the “Prospectus Directive”), such an offering may be made only in accordance with an exception in the Prospectus Directive or to qualified investors in that Member State within the meaning of the Prospectus

Directive.

This document and the information contained herein are not for distribution in or into the United States of America. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” (as defined in section 86(7) of the Financial Services and Markets Act 2000) and who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the“Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Persons who are not relevant persons should not take any action on the basis of this document and should not act or rely on it. A prospectus prepared in accordance with the Prospectus Directive has been published and is held available on Humana’s website (www.humana.se), Carnegie’s website for ongoing offerings (www.carnegie.se/om-carnegie/kontakt/pagaende-erbjudanden), SEB’s website for
prospectuses (www.sebgroup.com/prospectuses) and Avanza’s website (www.avanza.se)

This document constitutes advertisement and is not a prospectus for the purposes of the Prospectus Directive. Investors may not acquire any securities referred to in this press release except on the basis of information contained in the prospectus. Matters discussed in this release may constitute forward-looking statements. Forwardlooking statements are statements that are not historical facts and may be identified by words such as "believe," "expect," "anticipate," "intends," "estimate," "will," "may," "continue," "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this release speak
only as at its date, and are subject to change without notice.