FSN Capital III LP (“FSN III”) portfolio company Troax has been listed on Nasdaq Stockholm
Troax was listed on March 27th, 2015, and the IPO attracted very strong interest both from Swedish and international institutional investors, as well as from the general public in Sweden. The offering was substantially over-subscribed and the share price increased by 19% during the first day of trading.
The listing price was set at SEK 66 per share, which was in the top of the communicated IPO range of SEK 62-66. Approximately 62 percent of the total number of shares in Troax were sold in the IPO, including an over-allotment option granted by FSN III. Assuming that the over-allotment option is exercised in full, FSN III will hold approximately 18 percent of the shares after the IPO. The IPO valued Troax at a market capitalization of SEK 1,320.
Leading industrial investor Latour and institutional investor Svolder acted as cornerstone investors in the IPO and subscribed for shares corresponding to 30.1 and 9.9 per cent of the Troax shares, respectively.
Peter Möller, Partner at FSN Capital says:
“FSN is very pleased with the successful partnership with the management team of Troax during our ownership period. During this time, Troax has further strengthened its market position and significantly increased its geographical footprint, in addition to investing heavily in the production facilities in Hillerstorp and Shanghai to support future growth. The listing of Troax represents FSN’s first IPO on the Swedish market and we are very satisfied with the impressive list of investors that now have become owners of Troax”
Approximately 4,500 investors were allotted shares in Troax in the IPO.
Troax is the leading global supplier of indoor perimeter protection for the market segments: Automation & Robotics, Material Handling & Logistics and Property Protection.
Troax develops high quality and innovative safety solutions to protect people, property and processes. Troax has a global organisation with an unparalleled sales force and efficient logistics setup, enabling local presence and short delivery times in 31 countries. In 2014 Troax net sales amounted to around EUR 90 million and the number of employees amounted to about 400 persons. Troax head office is located in Hillerstorp, Sweden.
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