– A milestone, says the CEO.
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Jordanes first postponed last year’s plans for an IPO, before the company announced again earlier this month that it is considering going public.
Jordanes now believes that the conditions are right, and the company will announce on Monday morning that it will apply for a listing on the Oslo Stock Exchange.
– This is a milestone for Jordanes. We established Jordanes with an ambition to build strong brands for the Scandinavian consumer. For the past 17 years, we have succeeded in this, with a goal of reaching consumers with products that everyone needs every day, says Jan Bodd, CEO and co-founder of Jordanes in a statement.
The company will issue new shares through and raise approximately NOK 1.5 billion through a private placement in connection with the listing. The money will be used to strengthen the capital structure and provide increased flexibility, as well as accelerate strategic growth initiatives.
– An IPO will position our company for further growth, says Bodd.
Last year, Jordanes had revenues of NOK 6.47 billion, an increase of 11 per cent from the previous year. Adjusted operating profit (EBITA) was NOK 509 million.
In the first three months of the year, Jordanes had sales of NOK 1.66 billion and had an adjusted operating profit of NOK 110 million, according to a report on Monday morning.
The Backstube founders become major shareholders
The top shareholders include the co-founders Jan Bodd and Stig Sunde, Karl Kristian Sunde, the acquisition fund Cubera and Jens Ulltveit-Moe Umoe.
Some of the shareholders will sell shares in connection with the IPO, according to the company.
Jordanes bought the bakery chain Backstube last year. An agreement in connection with the acquisition means that the Backstube founders are expected to become major shareholders after the IPO.
The company was started in 2007 and has over 2,700 employees. It has nine production facilities around Scandinavia. The majority of the company’s income originates in Norway, and the rest mainly comes from other Nordic countries.
A number of brokerage houses have been hired to work on the listing, among them Carnegie and DNB Markets.
