
H&F Is Hiring Banks for IPO of Security Group Verisure
(Bloomberg) — Private equity firm Hellman & Friedman is interviewing banks for a listing of Verisure that could value the security group at more than €20 billion ($21 billion), according to people familiar with the matter.
Bank of America Corp., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are among firms pitching for global coordinator roles on the initial public offering, the people said, asking not to be identified discussing confidential information.
H&F plans to mandate lead banks in the coming days, the people said. The business is more likely to list in Europe, with venues such as London, Amsterdam, Zurich and Stockholm being considered, they said.
The private equity firm may invite banks to pitch for junior roles on the IPO at a later stage, the people said. Deliberations are ongoing and details of the potential offering could change.
Representatives for H&F, Verisure, Bank of America, Goldman Sachs, JPMorgan and Morgan Stanley declined to comment.
Europe’s IPO market has gotten off to an uneven start this year, even after regional volumes jumped around 30% last year to roughly $20 billion thanks to a handful of large listings like Galderma Group AG and CVC Capital Partners Plc.
If Verisure were to proceed with a share sale, it would rank among Europe’s largest in recent years. Other private equity firms have also been lining up major IPOs, including Bain Capital and Cinven, which are gearing up for a listing of German drugmaker Stada Arzneimittel AG.
Stada is expected to announce an intention to float in Germany in the latter part of March for an IPO expected to value it at about €10 billion, Bloomberg News reported last month.
(Updates with Goldman Sachs response in fifth paragraph.)
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