Diaverum has pulled its preliminary public providing after proprietor Bridgepoint stated that early indications from buyers didn’t match as much as its valuation of the enterprise.
The Swedish dialysis agency introduced plans to lift €290m (US$344.3m) on Nasdaq Stockholm in mid-November.
“Despite strong interest from potential investors, including several high-quality pension funds, who recognised Diaverum’s impressive underlying performance and ability to grow both revenues and earnings year on year, indications received did not fully reflect the fundamental value of the business,” defined Martin Dunn, accomplice at Bridgepoint and member of the Diaverum board.
The Malmö-headquartered firm is the third-largest dialysis clinic operator on the planet after Fresenius Medical Care and DaVita. It operates 421 clinics throughout 22 markets.
The London-headquartered pan-European personal fairness investor purchased Diaverum from EQT in 2007 for €537m. Income has nearly tripled since then, from €281m in 2008 to €805m final yr.
Carnegie Funding Bank, JP Morgan and SEB had been named as joint world coordinators and joined as joint bookrunners by BNP Paribas, Citigroup and Danske Bank. Moelis & Firm is the monetary adviser to Diaverum.