Tuesday 10 March 2015

Business information services provider Suomen Asiakastieto Oy is contemplating stock market listing in Nasdaq OMX Helsinki main list. If the market value estimates north of 100 million Euros hold water, the Finnish credit information market dominator's IPO is likely to be the largest for Helsinki stock exchange since NASDAQ's acquisition of OMX in February 2008

In pure margins, the company is among the most profitable in Finland. Since only some key numbers and ratios have been made available and IPO details are scarce, the value proposition is to be determined. Supposedly listing has been planned for at least a year. Credit rating business doesn't mind recessions and with the misfortunes of people and businesses seemingly constantly in the rise in Finland, Asiakastieto continues to benefit from its near monopoly position. CEO Juha Ruuska told newspaper Talouselämä that a positive credit registry should be allowed in Finland as well and foresees that as one potential future growth area.

Finnish banks Nordea Bank (32.3%), Sampo Bank (16.1%), OP Bank Group Central Cooperative (16.1%) and payments provider Luottokunta (16.1%), and minority shareholders sold Asiakastieto to private equity firm GMT Communications Partners in 2006 citing focus on core business. Financial details were not made public, but the company was valued way south of 50 million. GMT cashed out less than two years after that with an IRR of about 70% on their investments. The buyer then was the current majority owner AKT Holdings S.à r.l, a Luxemburg-registered holding company which is owned by Bahraini alternative investment provider Investcorp International (BSE: INVCORP). Now Investcorp appears to be gradually making its exit at still a hefty profit. According to its own Q4 2014 report, . It already made a partial exit in Q4 2014, but more details are not available. It is just known that the IPO would consists of the sale of shares from AKT, Investcorp clients and some members of Asiakastieto's Board of Directors and management.

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