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Finland’s Tokmanni plans flotation in second quarter

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HELSINKI / Reuters

Finland’s largest discount store chain Tokmanni Group, majority owned by buyout house Nordic Capital, said it is planning a possible stock market flotation. Tokmanni, with 156 stores, had sales of 755 million euros ($859 million) and an underlying operating profit margin of 5.8 percent last year. Sources said last year a float could value the company at around 900 million euros including debt.
Nordic Capital said on it would retain a stake in Tokmanni after a flotation planned to take place in Helsinki in the second quarter. Nordic has an 83 percent stake, with Rockers Tukku and Tokmanni’s management holding the rest, according to the company’s website.
Tokmanni’s plans come amid weak consumer demand in recession-hit Finland, but the company says it expects to benefit as from customers turning increasingly price-conscious.
Goldman Sachs, Nordea Bank, BofA Merrill Lunch and Carnegie were named as joint bookrunners to the issue, with Sundling Warn Partners as financial advisor. The Tokmanni Group is a retail chain with more than 150 stores in Finland. The Group’s store network covers the entire country, from south to north and east to west. The Group also includes an online store. In 2015, Group sales amounted to EUR755 million and Tokmanni currently employs approximately 3 000 employees.
The Group’s mission is to offer an extensive range of quality products at affordable prices. Thanks to professional and skilled personnel, a well-organised purchasing organization and an efficient logistics system, the Group’s network of stores is able to offer customers a wide range of branded products.

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