Private equity giant Hellman & Friedman has scored one of Europe’s biggest liquidity events of the year after portfolio company Verisure, a Swiss-based provider of monitored alarm systems, was valued at €13.7bn ($15.9bn) in its highly anticipated Stockholm IPO.
The listing – priced at €13.25 per share, near the top of its indicated range – marks a major milestone for the US private equity firm, which has been Verisure’s controlling shareholder since acquiring a majority stake in 2011. The offering was multiple times oversubscribed, drawing strong demand from both Nordic and international institutional investors, according to the company.
Verisure raised €3.1bn through the float, with total proceeds potentially reaching €3.6bn if the overallotment option is exercised. The IPO represents one of Europe’s largest public offerings in recent years, signalling a welcome reopening of the regional capital markets after a prolonged lull in listings.
Originally part of Sweden’s Securitas, Verisure was spun off in 2006 as Securitas Direct before being acquired by Hellman & Friedman. Under private equity ownership, the business expanded aggressively across Europe and Latin America, capitalising on rising demand for connected home and business security services.
The flotation provides Hellman & Friedman with a partial liquidity event while maintaining a strategic position in Verisure.
