Hemnet Group AB, Sweden’s leading housing platform, today announced its intention to conduct an IPO and list its shares on Nasdaq Stockholm.
The offer is expected to consist of existing shares in Hemnet that are offered by selling to shareholders.
Hemnet’s Board of Directors, together with the two major shareholders General Atlantic and Sprints Capital considers that a listing of the company’s shares on Nasdaq Stockholm constitutes an important step in Hemnet’s continued development.
“A listing of Hemnet’s shares is expected to benefit the company by providing access to the Swedish and international capital markets with the support of a broad and long-term shareholder base. The Board and the two major shareholders also believe that the opportunity to own shares in Hemnet can lead to an increased commitment from customers, business partners, and employees,” the company said in a statement.
Hemnet was founded in 1998 and was acquired by General Atlantic and Sprints Capital in 2016 for around $232 million. General Atlantic owns a 60% stake in Hemnet and Sprints holds a 17% stake in the Swedish firm. Since the acquisition, Hemnet is now Sweden’s largest real estate portal.
The Stockholm-headquartered real property portal is also the housing platform in Sweden that gathers the largest number of site visitors and the largest selection of housing advertisements in one place with average daily visits of 62.5 million.
In 2020, 64.6 million hours were also spent on Hemnet, which corresponds to an average per capita of 38 minutes per month.
Nasdaq Stockholm’s Corporate Committee has assessed that Hemnet meets current listing requirements. Nasdaq Stockholm will approve an application for admission to trading of the company’s shares on Nasdaq Stockholm, provided that certain standard conditions are met.
Depending on Swedish market conditions, Hemnet, which had sales of 544 million crowns last year, is scheduled to offer stocks and pursue the Nasdaq Stockholm listing in the second quarter of 2021.
“I am proud to announce our intention to list Hemnet on Nasdaq Stockholm. Hemnet has developed into a” win-win “concept for the entire housing market by creating the best possible experience and products for our This has led to a strong financial development with an annual average sales growth of approximately 21 percent between 2018 and 2020 and an adjusted EBITDA growth of approximately 21 percent during the same period.I look forward to continuing to build on our strong basis as Sweden’s leading housing platform, ”Hemnet chief executive officer Cecilia Beck-Friis said.
“Hemnet is unique. General Atlantic is looking for market-leading high-tech companies with high growth worldwide. Rarely – if ever – do we find brands and products that provide such a strong response from customers as in Hemnet’s We are pleased to have been able to support the management’s work to create innovation and growth over the past four years, together with our partners at Sprints and Mäklarsamfundet, ” Chris Caulkin, Managing Director at General Atlantic said.
“Since we invested in Hemnet 2017, we have used our unique industry experience from building some of Europe’s most successful internet companies to transforming Hemnet into an innovator who drives transparency and mobility in the Swedish housing market,” Pierre Siri, operating partner at Sprints Capital said.