Offering price in SSM’s IPO set at SEK 59 per share and trading on Nasdaq Stockholm commences today

SSM Holding AB (publ) (“SSM” or the “Company”), the leading residential developer within its niche in the Stockholm region, today announces the outcome of the offer to acquire its shares in connection with the Company’s Initial Public Offering (the “Offering”). The Offering attracted strong interest among both Swedish and international institutional investors as well as among the general public in Sweden. The Offering was several times oversubscribed and trading in the shares on Nasdaq Stockholm commences today.

The Offering in brief:

  • The final price in the Offering has been set at SEK 59 per share, corresponding to a market capitalization of the Company of approximately SEK 2,316 million.
  • The Offering comprises in total 9,813,136 shares, of which 9,152,542 are newly issued shares offered by the Company and 660,594 are shares offered by the selling shareholders. The newly issued shares will provide the Company with gross proceeds of approximately SEK 540 million before deduction of costs related to the Offering.
  • In order to cover any potential over-allotment in relation to the Offering, the Company’s co-founders Ulf Morelius and Ulf Sjöstrand, through Eurodevelopment Holding AG (”the Principal Shareholder”) have, on request from Joint Global Coordinators, undertaken to offer up to 1,471,970 additional shares (the “Over-Allotment Option”), corresponding to up to 15 percent of the number of shares in the Offering.
  • Given full exercise of the Over-Allotment Option the Offering will comprise 11,285,106 shares, corresponding to approximately 29 percent of the total number of shares in the Company after completion of the Offering and a total value of SEK 666 million.
  • Approximately 5,000 investors have been allotted shares in SSM and all investors who have applied for acquisition of shares within the Offering to the general public in Sweden have been allocated shares.
  • Länsförsäkringar Fondförvaltning AB (publ), Malmegårds Fastighets AB, and Grandholm Fastigheter AB (the “Cornerstone Investors”) have altogether acquired shares corresponding to 31 percent of the total number of shares in the Offering, or 27 percent assuming the Over-Allotment Option is fully exercised, and 15, 9 and 3 percent respectively, 8 percent in total, of the total number of outstanding shares in the Company, corresponding to SEK 180 million.
  • As previously communicated, the Company’s CEO has agreed with the Principal Shareholder to buy shares corresponding to one percent of the total number of shares in the Company before the Offering from the Principal Shareholder at the final price of the Offering at the time of listing, which corresponds to a value of approximately SEK 18 million.
  • Following completion of the Offering and assuming that the Over-Allotment Option is exercised in full, the Principal Shareholder will hold 67 percent of the total number of shares in SSM.
  • Trading in the Company’s shares on Nasdaq Stockholm commences today, 6 April 2017, under the trading symbol “SSM”.
  • Settlement is expected to take place on 10 April 2017.

Mattias Roos, President & CEO of SSM, comments:
We are happy to see the great interest shown for SSM throughout the IPO process from high-quality cornerstone investors, institutional investors and the general public. We are particularly happy to see that around 90 percent of our employees are now shareholders of SSM. It is a confirmation of our leading market position, the quality of the Company and our ability to generate profitable growth. With increased financial strength and access to capital markets, we are well positioned to capitalize on the growth opportunities we see in the market. The listing is an important step for SSM and I, together with all SSM employees, look forward to realize our ambitions along with both our pre-existing and new shareholders.

Anders Janson, Chairman of the Board of SSM, comments:
The IPO is a sign of the quality of the business and benefits all of SSM’s stakeholders. We welcome our new shareholders and look forward to continuing to develop SSM in a listed environment.

Ulf Morelius and Ulf Sjöstrand, co-founders and principal owners of SSM, comment:
We are immensely proud that our company is now listing its shares on the stock exchange and that we can thus broaden the ownership base to the general public as well as to institutional investors. This creates the best conditions for SSM to continue to develop successfully in the future.

About SSM

SSM has been operating in the Stockholm region since its founding in 1993. The Company is owned by the co-founders Ulf Morelius and Ulf Sjöstrand. SSM’s project portfolio currently comprises close to 5,800 apartments in planning or construction phase. That makes the Company the leading operator within residential development and housing construction in Stockholm within its niche, with highly functional and affordable apartments for its target group, which is designated by the Company as the urbanites of tomorrow. SSM’s ambition is to develop the most popular apartments in urban areas. The Company therefore builds and offers affordable apartments for one or two person households, primarily within the age group of 20-44 year olds, with high functionality per square meter, near public transportation, just outside the city centre.

The Company has over time chosen to collaborate with external companies and investors by participating in joint ventures, which in SSM’s view constitutes an efficient way of managing project risk and return, as well as to finance further expansion. SSM’s intention is to gradually increase the Company’s construction on an annual basis to reach a level of 1,800 construction starts per year by 2021. SSM aims to start construction of 1,000 residential units during 2017. There is a strong demand for SSM’s apartments which creates good conditions for SSM to realize its expansion plans.


ABG Sundal Collier and SEB are acting as Joint Global Coordinators and Joint Bookrunners in connection with the Listing. Gernandt & Danielsson Advokatbyrå KB is legal adviser to SSM and the Principal Shareholder. Advokatfirman Hammarskiöld & Co is legal adviser to the Joint Global Coordinators and Joint Bookrunners.

This information is information that SSM Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 6 April 2017 07:30 CET

For more information, please contact:

Mattias Roos, President & CEO, who can be reached through:

Ann-Charlotte Johansson, Chief Communications & IR Officer
Tel: +46 (0)761-65 17 71

Important information

This press release does not contain or constitute an invitation or an offer to acquire, sell, subscribe for or otherwise trade in shares or other securities in SSM. Invitation to acquire shares in SSM has only be made through the prospectus which the Company published in connection with the Offering. The prospectus will contains, among other things, risk factors, financial statements as well as information regarding the company’s board of directors. This press release has not been approved by any regulatory authority and is not a prospectus and accordingly, investors should not acquire any securities referred to in this press release, except on the basis of information provided in the above mentioned prospectus.

In certain jurisdictions, the publication or distribution of this press release may be subject to restrictions according to law, and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and abide by such restrictions.

The shares or securities of SSM have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state or jurisdiction within the United States, and no shares or other securities in SSM may, directly or indirectly, be offered, sold, resold, transferred, delivered or distributed to or within the United States. No shares or other securities in SSM will be offered in the United States. There are no plans to register shares or other securities in SSM, or to conduct an offering of such shares or securities, in the United States.

This press release may not be announced, published or distributed, directly or indirectly, in or into the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Singapore, South Africa or any other country where such action is wholly or partially subject to legal restrictions or where such action would require additional prospectuses, other offer documentation, registrations or other actions in addition to what follows from Swedish law. The information in this press release may not be forwarded, reproduced or disclosed in such a manner that would contravene such restrictions or would require such additional prospectuses, other offer documentation, registrations or other actions. Failure to comply with this instruction may result in a violation of the Securities Act or laws applicable in other jurisdictions.

This press release contains forward-looking statements which reflect SSM’s current view on future events and financial and operational development. Words such as “intend”, “will”, “expect”, “anticipate”, “may”, “plan”, “estimate” and other expressions than historical facts which imply indications or predictions of future development or trends, constitute forward-looking statements. Forward-looking statements inherently involve both known and unknown risks and uncertainties as they depend on future events and circumstances. Forward-looking statements do not guarantee future results or development and the actual outcome could differ materially from the forward-looking statements. The information, opinions and forward-looking statements concluded in this announcement speak only as of its date and are subject to change without notice.

Overallotment option and stabilization

The Principal Shareholder has issued the Overallotment Option to the Joint Global Coordinators to further sell a maximum of 1,471,970 shares, corresponding to a maximum of approximately 15 percent of the total number of shares in the Offering, to cover potential overallotment in conjunction with Offer. The Overallotment Option may be exercised by the Joint Global Coordinators in whole or in part during a period of 30 calendar days as from the first day of trading in the Company’s shares on Nasdaq Stockholm.

In connection with the Offer and the listing on Nasdaq Stockholm, Skandinaviska Enskilda Banken AB (publ), acting as stabilization manager, may carry out transactions which could have the result of maintaining the share price at a higher level than what would otherwise be the case. The stabilizing measures aimed at supporting the share price may be performed from the first day of trading in the shares on Nasdaq Stockholm, and for a maximum subsequent period of 30 calendar days. These stabilizing transactions can be carried out at a selling price not exceeding the price set in the Offer, and can be made on Nasdaq Stockholm, the OTC-market or otherwise. The stabilizing measures may result in the market price of the shares reaching a level which is not sustainable in the long term and which exceeds the price that would otherwise prevail in the market. The fact that stabilizing measures may be carried out does not mean that these measures will necessarily be carried out. Further, stabilizing measures that have been initiated may be discontinued at any time. When the stabilizing period of 30 calendar days has expired, an announcement will be made of whether stabilizing measures have been carried out, and in such case the dates when stabilization measures were carried out, including the date when stabilization measures were last made, and within which price range the stabilizing measures were taken.