Alfa Laval to list in Sweden

The May flotation of Swedish engineering firm Alfa Laval will be a litmus test for the European IPO market as well as providing a part exit for Industri Kapital.

Alfa Laval, the Swedish engineering equipment manufacturer, has announced details of what looks likely to be Sweden’s largest flotation since Telia’s listing two years ago.

The listing, due to take place on the Stockholm Exchange in mid-May, will value the firm at around E800m. Swedish venture capital firm Industri Kapital acquired a 51 per cent stake in Alfa through its Industri Kapital 2000 Fund in August 2000, with previous owner Tetra Laval retaining a 49 per cent holding. Industri Kapital’s stake is now estimated at 62 per cent.

'We have been very pleased with Alfa Laval's performance during our ownership. Already at the time of our investment in Alfa Laval we saw a listing of the company as a logical continuation of the Company's future development', said Björn Savén, chief executive of Industri Kapital, in a statement. He added that Industri Kapital and Tetra Laval will retain a stake in the firm, likely to be around 40 per cent between the two firms.

The flotation of Alfa Laval is likely to act as a yardstick for other firms planning to list over the coming months. HMV Media, Homebase and Danish firm LM Glasfiber are all planning or have already announced IPOs for 2002.

Credit Suisse First Boston and Enskilda Securities have been appointed as joint global coordinators and joint book-runners for the offering.