Finnish retailer Tokmanni gets market cap of 394 mln euros in IPO

Finnish retailer Tokmanni has set the price in its initial public offering (IPO) at 6.70 euro per share, giving it a market capitalisation of 394 million euros ($447.3 million) ahead of its market debut on Friday, the company said in a statement.

The price was set below the middle of an initial price interval of 6.25 to 7.60 crowns per share in Finland's largest discount store chain, controlled by private equity firm Nordic Capital.

The listing of Tokmanni coincides with Nordic's listing of Swedish banking group Resurs Holding in Stockholm on Friday and follows those of Norwegian retailer Europris and Swedish healthcare company Capio in June last year.

Shares in those companies have underperformed the wider market since listing, whereas outdoor and transportation gear maker Thule, in which Nordic sold its remaining stake this week, has strongly outperformed the market since listing in late 2014.

The value of shares sold, around 181 million euros assuming an over-allotment option is exercised, means Tokmanni is Finland's biggest IPO since the listing of information services provider Asiakastieto in March last year when 196 million euros worth of shares were sold.

Goldman Sachs and Nordea led the offering of Tokmanni as joint global coordinators.

$1 = 0.8808 euros