Swedish on-line actual property agency Hemnet plans Stockholm IPO By Reuters

© Reuters. By Supantha Mukherjee and Helena Soderpalm STOCKHOLM (Reuters) -Swedish actual property net portal Hemnet, backed by U.S. non-public fairness agency Basic Atlantic, plans to checklist its shares on Nasdaq Stockholm, it mentioned on Thursday. Based in 1998, Hemnet was acquired by Basic Atlantic and Sprints Capital in 2016 for about 2 billion crowns



© Reuters.

By Supantha Mukherjee and Helena Soderpalm

STOCKHOLM (Reuters) -Swedish actual property net portal Hemnet, backed by U.S. non-public fairness agency Basic Atlantic, plans to checklist its shares on Nasdaq Stockholm, it mentioned on Thursday.

Based in 1998, Hemnet was acquired by Basic Atlantic and Sprints Capital in 2016 for about 2 billion crowns ($232 million) and the corporate is now Sweden’s largest housing portal.

Basic Atlantic owns a 60% stake in Hemnet and Sprints holds 17%.

“We’re not searching for new cash, so it is the present shareholders who’re promoting on this IPO,” CEO Cecilia Beck-Friis instructed Reuters.

She declined to provide Hemnet’s present valuation, however in line with a supply acquainted with the matter the corporate is at present valued at about 10 billion Swedish crowns ($1.16 billion).

Hemnet, which had gross sales of 544 million crowns final 12 months, mentioned that the itemizing was anticipated to happen throughout the second quarter.

“We’re very early in our business journey and a lot extra to do in Sweden, so our focus is on increasing our enterprise inside Sweden,” Beck-Friis mentioned.

“The entire addressable marketplace for Hemnet in 2026 could be value roughly 4 to six billion SEK and that features itemizing revenues in addition to promoting and totally different companies.”

Hemnet’s mentioned it had a medium-term goal of adjusted working margin (EBITDA) of 45%-50%, up from 37% in 2020.

Swedish housing costs rose to all-time highs in 2020 and housing costs on common are anticipated to be 9% increased in 2021, in line with a report https://insights.nordea.com/en/economics/nordic-housing-prices/#:~:textual content=Accordingpercent20topercent20ourpercent20forecastpercent2Cpercent20the,costspercent20supportpercent20thepercent20economicpercent20recovery.&textual content=Wepercent20expectpercent20thatpercent20Swedishpercent20home,inpercent202021percent20comparedpercent20topercent202020 by Nordea.

The value of single household properties rocketed 17% within the first three months of the 12 months, in accordance https://www.reuters.com/article/sweden-houseprices/record-rise-in-swedish-house-prices-raises-overheating-fears-idINL8N2LZ1RM to Svensk Maklarstatistik, an affiliation of actual property brokers.

“Excessive demand and low provides, and in addition the pandemic has considerably modified the preferences out there and the behaviour of individuals searching for bigger flats or homes or villas,” Beck-Friis mentioned.

($1 = 8.6180 Swedish crowns)

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