Transactions

17 March 2017

The Gym Group £68.5 million Sale of Shares, UK

STJ Advisors acted as independent advisor to Phoenix and Bridges on the sale of their remaining 30.5% shareholding in the Gym Group, the leading provider of high-quality low-cost gyms across the UK, raising £68.5 million.
Although launched against a busy market, with 4 block trades on the evening of the offering, it priced successfully at 175p per share, representing a 5.4% discount to the previous close. The offer size was considerably higher than the market average, representing 160 days of trading volume. The offering was completed on the back of Gym Group’s positive full year results without wall-crossing.
STJ has advised Phoenix and Bridges both during the IPO and subsequently, concluding with this second of two sell-downs to realise their remaining shareholding. This is STJ’s 16th transaction in the leisure and retail sector in recent years and 4th UK block trade in 2017.

9 February 2017

DFS Furniture £59 million Sale of Ordinary Shares, UK

STJ Advisors acted as independent advisor to Advent International on its fourth follow-on equity offering of shares in DFS Furniture plc, the leading retailer of upholstered furniture in the UK, via an underwritten accelerated bookbuilding process, raising c. GBP 58.5 million. The sale priced at a very tight 1.3% discount to latest share price, the tightest discount achieved in a UK follow-on for the past 8 months. This latest transaction completes Advent’s sale of its DFS Furniture investment; STJ Advisors advised on the company's IPO and all 4 subsequent sell-downs.

26 January 2017

Countryside plc £104 million Sale of Shares, UK

STJ Advisors acted as independent advisor to Oaktree on a £104 million follow-on offering of shares in Countryside plc, a leading UK home builder and urban regeneration partner. Launched following intra-day wall-crossing exercise, the placing achieved a 3.6% discount to the prevailing share price – the tightest discount achieved for a UK sell-down in over 6 months, despite this being a large placement representing 161 days of trading volume on the stock exchange. The discount compares favourably with the average 6.1% discount for UK accelerated bookbuild offerings over last 12 months. The placement was very well received, with books covered in 50 minutes post launch and final deal well oversubscribed, allocated 85% to high quality long only investors. The shares traded positively in the aftermarket, closing 2% above the placement price.

STJ advised on all key aspects of the offering including timing, syndicate, sizing, pricing and allocations. STJ also advised Oaktree and the management on the successful IPO in February 2016.

Together with our advisory role on the share placing in Forterra plc on 13th January, STJ has advised on the first two UK follow-on offerings of the year.

13 January 2017

Forterra plc £39 million Sale of Shares, UK

STJ Advisors acted as independent advisor on a £39 million follow-on offering of shares in Forterra plc, a leading UK producer of manufactured masonry products including the iconic "London Brick". The offering was successfully completed via an accelerated placement against a live market on a Friday afternoon. The offering met with strong demand, enabling a 15% upsize and pricing at a 5.6% discount. The offering represented 11.5% of total share capital, or the equivalent of c. 180 days of average daily trading volume. Shares were allocated c. 85% to long only investors.

Share trading volume on the day following the offering was less than 5% of the amount of shares placed, and the shares closed 4.7% above the offer price. STJ Advisors also advised on the IPO last April.

30 November 2016

Arcus NOK 2.1 billion Initial Public Offering, Norway

STJ Advisors acted as independent advisor on the IPO of Arcus ASA, a leading Nordic branded consumer goods company within the production, import, sale and distribution of wine and spirits, on the Oslo Stock Exchange, raising proceeds of c. NOK 2.1 billion (c. EUR 228 million).

30 November 2016

Scandic Hotels SEK 1.5 billion Sale of Shares, Sweden

STJ Advisors acted as independent advisor to EQT on the sale of shares in Scandic Hotels Group AB, the largest Nordic hotel operator, through an accelerated bookbuilding process, raising proceeds of c.SEK 1.5 billion (c. EUR 156 million).

16 November 2016

MorphoSys EUR 115 million Capital Increase, Germany

STJ Advisors advised MorphoSys AG, the German biotechnology company involved in the development of research and antibodies, on their capital increase via an accelerated bookbuild offering, raising proceeds of EUR 115 million.

4 November 2016

DFS Furniture £62 million Sale of Ordinary Shares, UK

STJ Advisors acted as independent advisor to Advent international on its sale of shares in DFS Furniture plc, the leading retailer of upholstered furniture in the UK, by means of an accelerated bookbuild secondary placing, raising gross proceeds of £61.7 million.

1 November 2016

Volution £67 million Stake Sale, UK

STJ Advisors acted as independent advisor to Windmill Holdings BV, an affiliate of Towerbrook Capital Partners LP, on the sale of its 22.7% stake in ventilation products company Volution Group PLC. The placing to institutional investors realised gross sale proceeds of £67 million. STJ advised Towerbrook on all 4 steps (including IPO) of its sale of Volution over the course of 2 ½ years.

6 October 2016

Refresco Group €110.4m Sale of Shares, Netherlands

STJ Advisors acted as independent advisor to Ferskur Holding, Hanover Acceptances and 3i Group on their second follow-on equity offering in Refresco Group, the leading European bottler of soft drinks and fruit juices for retailers and A-brand owners, via an accelerated bookbuild offering raising €110.4m. STJ Advisors also advised on the Company’s IPO and the shareholders’ first sell-down.

28 September 2016

Indra Sistemas, €250m Convertible Bond, Spain

STJ Advisors acted as independent advisor to Indra Sistemas, a leading European consulting and technology company and IBEX-35 constituent, on the issue of a €250m convertible bond (“CB”) due 2023 and partial buyback of their outstanding convertible bond due 2018. Indra is a repeat issuer of CBs. The 7 year put 5 CB priced with a 1.25% coupon and 25% conversion premium and was set off a reference price near 26 month highs. Indra achieved stable intraday reference share price, with the stock closing price at a 1.67% discount to the previous close. STJ provided advice to Indra on all key aspects of the transaction including timing, structuring, delta-hedge management strategy and syndicate selection.

16 September 2016

The Gym Group £ 32 million Sale of Shares, UK

STJ Advisors acted as independent advisor to Phoenix Equity Partners, Bridges ventures and the former chairman of the company on a 1st sell-down offering in The Gym Group, the leading provider of high-quality low-cost gyms across the UK, raising proceeds of c.£32m.

1 September 2016

Scandic Hotels SEK 1.1 billion Sale of Shares, Sweden

STJ Advisors acted as independent advisor to EQT on the sale of shares in Scandic Hotels Group AB, the largest Nordic hotel operator, through an accelerated bookbuilding process, raising proceeds of c.SEK 1.1 billion (c. EUR 115 million).

21 April 2016

Forterra plc £128.4m Initial Public Offering, UK

STJ Advisors acted as independent advisor on the £128.4m IPO of Forterra plc, a leading UK producer of manufactured masonry products including the iconic "London Brick". The IPO was priced at 180p per share, giving the company a market capitalisation of £360 million.

STJ worked with the company to ensure that key decisions had the benefit of our extensive experience and data capture and our real time assessment, analysis and reporting so that fully informed choices could be made. These measures contributed to the generation of a high quality order book and the successful execution of the offering. The allocation to a highly supportive investor base was evidenced by the very low first day trading volume - equivalent to 16% of the deal size, one of the lowest first day turnovers on record for equivalent offerings.

STJ has maintained its 100% completion success rate during an extended period of market volatility, completing 5 IPOs and 6 follow-on offerings since the summer of 2015. During this time, the EMEA IPO non-completion rate has jumped to 47% of all attempts and during Q1 2016 there have been 12 European IPOs that failed to complete.

8 April 2016

DFS Furniture £90 million Share Sale, UK

STJ Advisors acted as independent advisor to Advent international on its follow-on equity offering of shares in DFS Furniture plc, , the leading retailer of upholstered furniture in the UK, via an accelerated bookbuild offering, raising c. £90 million.

11 February 2016

Countryside Properties £349m Initial Public Offering, UK

STJ Advisors acted as independent advisor to the company and Oaktree Capital on the £349m IPO of Countryside Properties, a leading UK home-builder and urban regeneration partner. Despite some of the worst equity market conditions in years, Countryside managed to price its IPO at a premium to the sector, with a market cap of £1 billion. STJ has continued its 100% completion success rate (4 IPOs and 6 Follow-on offerings) during an extended period of volatility that has seen an EMEA IPO failure rate of 46% since the summer (and 6 European IPOs pulled in 2016).

Countryside’s positive aftermarket trading on low volumes compared favourably to the difficult IPO background for other recent IPOs and reflected the ability to build a supportive and quality shareholder base of “true believers”, starting well ahead of the offering, that was prepared to invest despite the volatile market backdrop. Key aspects of STJ’s advice included (1) An extensive early marketing program - with 5 rounds of Early Look investor meetings prior to IPO launch, site visits and a dedicated investor seminar on the Partnerships Division, with Early look investors allocated 61% of the total offering; (2) Motivation and empowerment of a highly qualified and well-co-ordinated bank syndicate which educated a wide base of investors; (3) Flexibility on the key aspects of the IPO such as timing and sizing (with a flexible 30-50% offer size); and (4) Targeting of all pockets of investor demand both geographically and by investor category, with a strong result in the retail offering.

16 December 2015

Tsubaki Nakashima, JPY31 billion Initial Public Offering, Japan

STJ Advisors acted as independent advisor to the Carlyle Group on the IPO of Tsubaki Nakashima Co Ltd, a leading precision ball manufacturer with world leading spherical surface technology, on the Tokyo Stock Exchange. The IPO priced at ¥1,550, valuing the company at ¥60bn, and raised proceeds of ¥31bn / $255m. The institutional tranche of the offering, which accounted for around 50% of the offer size, was well received by a wide range of investors in the US, Europe, Hong Kong and the rest of Asia, and was multiple times covered at the strike price.

STJ was involved in every aspect of the capital market factors of the transaction including selection of the syndicate, valuation, investor targeting, early investor education, pilot fishing, pre-deal roadshow, bookbuilding and pricing. STJ helped to achieve an unprecedented level of transparency for a Japanese IPO, allowing the selling shareholders to gauge international investor sentiment at all stages and paving the way for a successful listing.

3 December 2015

Refresco Gerber, €122 million accelerated bookbuild, Netherlands

STJ Advisors acted as independent advisor to shareholders 3i Group, Hanover Acceptances and Ferskur Holding on a follow-on equity offering of shares in Refresco Gerber N.V., the leading European bottler of soft drinks and fruit juices for retailers and A-brand owners, via an accelerated bookbuild offering, raising c. €122 million. The offering was priced at a less than 5% discount to the closing price on 2 December 2015 and a premium of more than 5% to the IPO price achieved in March 2015. STJ Advisors also advised on the IPO.

2 December 2015

Scandic, SEK 3.0 billion Initial Public Offering, Sweden

STJ Advisors acted as independent advisor to EQT on the IPO of Scandic Hotels Group AB, the largest Nordic hotel operator, on Nasdaq Stockholm, raising proceeds of c.SEK 3.0bn / c.€328 million.

20 November 2015

Bellsystem24, JPY51 billion Initial Public Offering, Japan

STJ Advisors acted as the independent advisor to Bain Capital on the domestic IPO of Bellsystem24 Holdings Inc, Japan’s leading provider of marketing and customer service solutions, on the Tokyo Stock Exchange. The IPO priced at ¥1,555 per share, giving the Company a market capitalisation of ¥114bn, and raised the proceeds of ¥51bn / $410m, making it the largest domestic Japanese offering of 2015.

19 November 2015

Tobii AB, SEK 622m Sale of Shares, Sweden

STJ Advisors acted as independent advisor to a group of shareholders comprising Amadeus Capital Partners, Intel Capital, Northzone Ventures and company founders on their sale of shares in Tobii AB through an accelerated bookbuilding which raised in aggregate approximately SEK622 million.

12 November 2015

Just Eat plc, £110m Share Sale, UK

STJ Advisors acted as independent advisor to Index Ventures on its sale of shares in Just Eat plc, via an accelerated bookbuild offering, raising gross proceeds of approximately £110 million.

9 November 2015

The Gym Group, £125 million Initial Public Offering, UK

STJ Advisors acted as independent advisor to The Gym Group and its shareholders Phoenix Equity Partners and Bridges Ventures on its £125 million Initial Public Offering on the London Stock Exchange. The Gym Group is a leading provider of high-quality low-cost gyms across the UK and is the first gym operator to list in the UK in the last 15 years and one of the highest growth companies in the UK mid-cap universe with 56% EBITDA CAGR since 2012.

The IPO was structured as a fixed price offering at 195p per share giving the company a market capitalisation of £250 million, which represents over 17x 2014 EBITDA multiple. The launch followed an innovative reverse enquiry anchor marketing process to de-risk the offering process.

STJ advised the Company and Shareholders on all aspects of the IPO process – bank selection and terms of appointment, crafting of the equity story, timing of the offering, early-look investor meetings, site visits, pre-deal investor education, offer structure, valuation feedback analysis, anchor marketing, roadshow, bookbuilding, sizing and allocations.

2 November 2015

Volution Group, £61m Share Sale, UK

STJ advised on a £61m placement via accelerated bookbuild in UK ventilation product supplier Volution Group plc, representing 19% of the company, on behalf of major shareholder Towerbrook (STJ also advised on the Company’s IPO last year). STJ advised Towerbrook throughout the execution process providing tactical advice on timetable, sell-down strategy / offer structure, communication with the banks allowing Towerbrook to have good visibility on potential feasibility of a follow-on and demand prior to sale. The offer was upsized from 32 to 38 million shares, the placement price of 160p per share was at a small premium to the market price of 159.5p and at a 7% premium to the IPO price.

22 October 2015

DFS Furniture £94 million Share Sale, UK

STJ Advisors acted as independent advisor to Advent International on its follow-on equity offering of shares in DFS Furniture plc, the leading retailer of upholstered furniture in the UK, via an accelerated bookbuild offering, raising c. £94 million. The offer price of 295p per share represented a tight 3.3% discount to the latest share price and a 16% premium to the 255p price achieved in the company’s Initial Public Offering in March 2015, on which STJ also advised.

30 September 2015

Scout24 AG €1.025 billion Initial Public Offering, Germany

STJ Advisors acted as independent advisor on the €1.025 billion Initial Public Offering of Scout24 AG, a leading operator of digital marketplaces specializing in the real estate and automotive sectors in Germany and other European countries. Listed on the Frankfurt Stock Exchange, the offering was priced in the top half of the range, for a market capitalisation of €3.225 billion, and was upsized by 17%. The deal was comprised of a primary offering, with proceeds used for debt reduction, and a secondary offering for selling shareholders Hellman & Friedman, Blackstone and Deutsche Telekom.

STJ advised the company and shareholders on all aspects of the IPO process – timing of the offering, syndicate selection, early-look investor meetings, pre-deal investor education, offer structure, valuation feedback analysis, bookbuilding tactics, sizing, pricing and allocations - including the first ever use in Germany of an upsize option with no prospectus recirculation.

9 September 2015

XXL NOK 1.6 billion Share Sale, Norway

STJ Advisors acted as independent advisor to EQT on its 2nd follow-on equity offering of shares in XXL ASA, the largest retailer of sporting goods in the Nordic region, via an accelerated bookbuilding process, raising c. NOK 1.6 billion (c. €177 million). The sale, priced at NOK 83 per share, was at a 43% premium to the NOK 58 price achieved in the company’s Initial Public Offering in October 2014, and also above the NOK 80 price achieved on the previous share sale, on both of which STJ also advised. This latest transaction completes EQT’s sale of its XXL investment within 11 months of the IPO.

12 June 2015

Bwin.party, £46m Accelerated Bookbuild, UK

STJ advised on an oversubscribed Accelerated Bookbuild on behalf of trusts established by two founding shareholders of Bwin.party for their remaining stakes in the company. The sale represented c.6% of the company’s shares outstanding. In what was an unusually complex situation, STJ ran a thorough bank selection process which resulted in Numis being appointed as sole manager of the deal. The best efforts ABB commenced after the close on Thursday 11 June 2015 and successfully completed approximately one hour after the open the following morning at a price of 93p per share for the entire stake.

10 June 2015

Spie, €1.033 billion Initial Public Offering, France

STJ acted as independent advisor to Spie, the leading independent European engineering company, and to its main shareholders Clayton, Dubilier & Rice, Ardian and CDPQ (Caisse de Dépôt et Placement du Québec) on the Company’s IPO on Euronext Paris, raising proceeds of €1.033bn leading to a market capitalisation of €2.5bn. The offering was priced at €16.50, at the top half of the IPO price range and the shares closed at €17.45 after first day of trading (+6%).
The Spie IPO is the largest IPO in France since October 2007.

7 May 2015

Sixt Leasing AG €239 million Initial Public Offering, Germany

STJ Advisors acted as independent advisor to Sixt Leasing AG and its parent Sixt SE. The company is one of Germany’s leading vendor-neutral, non-bank full service leasing providers with a focus on car leasing and fleet management. The listing took place on the Frankfurt Stock Exchange, raising proceeds of €239 million for a market capitalisation of €412 million. On a day of very difficult market conditions, shares in Sixt Leasing ended the first day with a gain of 4% on below-average trading volume of less than c. 15% of shares placed. This first day performance reflected the high quality order book, with allocations heavily skewed towards long only accounts.

5 May 2015

XXL NOK 1.6 billion Share Sale, Norway

STJ Advisors acted as independent advisor to EQT on the c. NOK 1.6 billion (c. €183 million) sale of its shares in XXL ASA, the largest retailer of sporting goods in the Nordic region, via an accelerated bookbuilding process. The offering priced at NOK80 per share, a tight 3.6% discount to the closing Oslo stock exchange share price of NOK 83, itself an all-time high. The sale was a 38% premium to the NOK 58 price achieved in the company’s Initial Public Offering in October 2014, on which STJ also advised. The amount of shares sold was equivalent to c. 195 times the average daily trading volume.

4 May 2015

MYOB A$833 million Initial Public Offering, Australia

Reunion Capital, a partner firm of STJ Advisors based in Sydney, acted as independent advisor to Bain Capital on the Initial Public Offering of MYOB, the leading provider of desktop and cloud business management software for business and accounting practices in Australia and New Zealand. The offering gave the company a market capitalisation of A$2.1 billion, was the largest Australian IPO in 2015 at the date of listing and the largest software IPO ever completed in Australia. The offer was multiple times covered at the final price, and attracted demand from a broad range of high quality domestic and international institutional investors.

15 April 2015

Virgin Active acquisition by Brait, South Africa

STJ Advisors acted as independent IPO advisor to Virgin Active and its shareholders CVC and Virgin Group in the sale of a controlling stake in the Company to Brait, South Africa. Virgin Active had explored the possibility of a listing on the Johannesburg Stock Exchange and with STJ’s assistance over a number of years, both established the attractiveness of the JSE listing and also created significant momentum towards its successful realisation. The transparent results of the IPO process were used by Virgin Active and its shareholders to determine the benefits of a direct sale against the IPO alternative.

27 March 2015

Card Factory plc, £181m share placing, UK

STJ Advisors acted as independent advisor to Charterhouse on its third and final successful sell-down in Card Factory plc, UK’s London-listed and leading specialist retailer of greeting cards, raising c. £181m. The sale, representing Charterhouse’s remaining shareholding in Card Factory and c. 18% of the Company, was completed as a combination of a private placement to two Tier 1 UK long-only institutions followed by an accelerated bookbuild to a small group of UK institutions, both at 300p, or a c. 3% premium to previous close. This completes a successful range of follow-on transactions (many completed as private placements) enabling Charterhouse to sell-down all of its shareholding in Card Factory within 10 months of the IPO. All transactions were completed at premium prices to the market and without lock-up commitments. This ensured maximum flexibility and allowed Charterhouse to capture the full fundamental value of the shares. STJ had successfully advised Charterhouse on its £297m IPO of Card Factory in May 2014 as well as both its previous share disposals in December 2014 and January 2015.

26 March 2015

Refresco Gerber, €563 million Initial Public Offering, Netherlands

STJ Advisors acted as independent advisor to Refresco Gerber B.V., the leading European bottler of soft drinks and fruit juices for retailers and A-brand owners, and its shareholders 3i Group, Hanover Acceptances and an Icelandic consortium on the company’s IPO on Euronext Amsterdam. The transaction comprised a dual track process, culminating in a successful IPO raising approximately €563 million and giving the company a market capitalisation of €1,177 million. The offering was the largest European Food and Beverage IPO for 10 years.

6 March 2015

DFS Furniture, £221 million Initial Public Offering, UK

STJ Advisors acted as independent advisor to DFS Furniture Limited, the leading retailer of upholstered furniture in the United Kingdom, and its majority shareholder Advent International on the company’s IPO on the Main Market of the London Stock Exchange. The transaction raised proceeds of c. £221 million and gave the company a market capitalisation of c. £543 million. STJ Advisors has advised on 3 of the first 6 London Stock Exchange Main Market IPOs announced in 2015.

11 February 2015

Elis, €854 million Initial Public Offering, France

STJ Advisors acted as independent advisor to Elis SA, one of Europe’s leading providers of services for the rental and maintenance of professional clothing, textiles, sanitary equipment and drinks dispensers, and to its majority shareholder Eurazeo on the company’s IPO on Euronext Paris, raising proceeds of €854 million and giving the company a market capitalisation of €1,482 million.

By midday on the first day, the shares were trading up by approximately 3%, with a low turnover that day of c.16% of the offering (significantly less than in other recent EMEA IPOs). By the end of the first week of trading, the shares were trading at between 8% and 9% above the issue price.

The Elis IPO was the largest French IPO since July 2014 and one of the first European IPOs 2015.

4 February 2015

HSS Hire, £114 million Initial Public Offering, UK

STJ Advisors acted as independent advisor to HSS Hire Group plc, a leading provider of tool and equipment hire and related services in the United Kingdom and Ireland, and its majority shareholder Exponent on the company’s IPO, raising proceeds of c. £114 million and giving the company a market capitalisation of £325 million. This was the first IPO on the London Stock Exchange’s Main Market in 2015.

30 January 2015

Card Factory plc, £110m share placing, UK

STJ Advisors acted as independent advisor to Charterhouse on its second successful sell-down in Card Factory plc, UK’s London-listed and leading specialist retailer of greeting cards, raising c. £110m. The sale (representing c. 11.2% of the company) was completed in an agency private placement to two tier 1 UK long-only institutions, at a 3% premium to previous close. Charterhouse holds a remaining c. 18% stake in the Company. STJ had successfully advised Charterhouse on its £297m IPO of Card Factory in May 2014 as well as its first placement of Card Factory shares in December 2014.

22 January 2015

Trainline acquisition by KKR, UK

STJ Advisors acted as independent IPO advisor to the board of Trainline and selling shareholder Exponent Private Equity on the sale process which resulted in an acquisition of Trainline by KKR. STJ's advice provided the company and Exponent with a transparent price discovery mechanism that allowed a proper judgement to be made on the relative attractiveness of a direct sale against the IPO alternative. STJ's advice and proprietary process helped generate competitive tension between the public and private equity markets and enabled our client to achieve a successful outcome.

15 December 2014

TechnoPro Holdings, ¥53.1 billion Initial Public Offering, Japan

STJ Advisors acted as independent advisor to CVC Capital Partners on the domestic IPO of TechnoPro Holdings, one of the largest staffing companies in Japan with over 11,000 engineers. The domestic offering was multiple times oversubscribed by retail and global long funds and it was priced at the top of the indicative price range of ¥1,950, giving a market capitalisation at the issue price of ¥66.4 billion and making it the largest domestic Japanese offering of 2014.

10 December 2014

Card Factory plc, £106m share placing, UK

STJ Advisors acted as independent advisor to Charterhouse on its successful c. £106m placing of shares in Card Factory plc, UK’s London-listed and leading specialist retailer of greeting cards. The sale (representing c. 11.7% of the company) was completed in an agency private placement to Invesco, a tier 1 UK long-only institution, at an extremely unusual 5% premium to market price. The sale was very well received with the share price trading up 3.4% after one week. Charterhouse holds a remaining 29% stake in the Company. STJ had successfully advised Charterhouse on its £297m IPO of Card Factory in May 2014.

9 October 2014

Skylark Group, ¥66.8 billion Initial Public Offering, Japan

STJ Advisors and Solebury acted as independent advisor to Bain Capital Partners on the IPO of Skylark, Japan’s largest full service casual dining chain with over 3,000 restaurants across the country. The IPO priced at ¥1,200 giving it a market capitalisation of ¥228bn ($2,100 million). A significant proportion of the shares were sold to international investors via an international offer across all major markets including the US, Europe, Hong Kong and Japan itself. The transaction included many innovative and unique features and was a significant landmark for the Company, Bain, STJ and Solebury.

3 October 2014

XXL Group, NOK 3.0 billion Initial Public Offering, Norway

STJ Advisors acted as independent advisor to EQT on the IPO of XXL ASA, the fastest growing sports retailer in the Nordic region, raising proceeds of c.NOK 3.0bn / €373 million. The IPO priced at NOK 58 per share, above the mid-point of a NOK 45-65 price range, giving the company a market capitalisation of c.NOK 8 billion. The shares traded up c.7% on the first day of trading with turnover at a low c.15% of the offering (significantly less than in other recent EMEA IPOs).

2 July 2014

NN Group €1.77bn Initial Public Offering, Netherlands

STJ Advisors acted as an independent advisor to the ING Group on the Initial Public Offering of NN Group, the largest Dutch insurance provider. After exercising the greenshoe in full, the offering raised €1.77 billion for ING Group, representing 25.3% of the company, and was upsized 10% reflecting strong demand. The NN offering is the largest European IPO this year and marks the largest Dutch insurance and 3rd largest Dutch IPO on record. Shares gained 6.3% in the first day of trading, valuing the company at €7.5 billion.

24 June 2014

Braas Monier Building Group, €470m Initial Public Offering, Germany

STJ Advisors acted as independent advisor to the Company and its selling shareholders on the Initial Public Offering of Braas Monier Building Group SA, a leading provider of full range roofing solutions. The offering raised €470m (pre-greenshoe) which included a €100m primary tranche with the remaining €370m raised for the selling shareholders Apollo Global Management, TowerBrook Capital Partners and York Capital Management. Braas Monier is the largest IPO in Germany since the IPO of Deutsche Annington Immobilien in July 2013 (on which STJ also advised).

18 June 2014

Volution Group, £100m Initial Public Offering, UK

STJ Advisors acted as independent advisor to the Company and its selling shareholder Towerbrook on the Initial Public Offering on the London Stock Exchange of Volution Group plc, a leading supplier of ventilation products to the residential construction market in its core geographical markets, being the UK, Sweden and Germany. The offering raised proceeds of £100 million, representing 33.3% of the company. The IPO priced at GBP 150 per share, giving the company a market capitalisation of £300 million. The IPO was completed during Q 2 2014, the most competitive quarter in over four years with more than 45 issues coming to market; use of single point pricing and no greenshoe served to focus investor attention and attract a very high quality shareholder base.

4 June 2014

International Bank of Azerbaijan, US$500 million Eurobond, Azerbaijan

STJ acted as independent advisor to the International Bank of Azerbaijan on its debut US$500m Eurobond issue due 2019. Following successful roadshows in London, Germany and Switzerland, the 5-year deal priced at par, with a coupon of 5.625%. The RegS offering was rated Ba3/BB and proceeds will be used to pay down debt and for general corporate purposes. IBA is the only state owned bank in Azerbaijan – it is the market leader in terms of assets, gross loans and deposits, playing a key role in developing the Azerbaijani banking system and arranging financing for governmental projects to develop domestic infrastructure.

23 May 2014

Saga plc, £550m Initial Public Offering, UK

STJ Advisors acted as an independent advisor to the Company and the selling shareholders, Charterhouse, CVC and Permira, on the Initial Public Offering of Saga, the UK’s leading over 50s lifestyle group. The offering raised 100% primary proceeds of £550 million, representing 27% of the company. Despite tough market conditions, indications of waning interest in European company flotations and quoted investor IPO “fatigue”, the IPO experienced strong demand from both institutional and retail investors who were each allocated 50% of the offer. The Saga IPO marks the biggest UK public offer of shares since the Royal Mail privatisation and the Merlin Entertainment IPO. STJ advised Saga, Charterhouse, CVC and Permira throughout the process.

15 May 2014

Card Factory £297m Initial Public Offering, UK

STJ Advisors acted as independent advisor to the company and the selling shareholder, Charterhouse, on the Initial Public Offering of Card Factory, the UK’s leading specialist retailer of greeting cards. The offering raised proceeds of £297 million, representing 38.6% of the company. The IPO priced despite weaker markets mainly due to a sharp sell-off in UK small and mid-cap stocks, negative performance of recent UK retail IPOs and overall IPO “fatigue” in the markets. STJ advised Card Factory and Charterhouse throughout the process.

8 April 2014

eDreams ODIGEO €411m Initial Public Offering, Spain

STJ Advisors acted as independent advisor to eDreams ODIGEO and its shareholders (Permira, Ardian and management) on the Initial Public Offering of the Company, the global leader in the online leisure flight sector. This represented the largest IPO to be listed on the Spanish stock exchange for three years. The offering raised Eur411mn including a Eur50mn primary component. The IPO was priced at a premium to its main comparable Expedia and was multiple times oversubscribed despite weaker markets due mainly to the tech sector 'malaise' during the bookbuilding period.

8 April 2014

Stock Spirits, £203m share placing, UK

STJ Advisors acted as independent advisor to Oaktree Capital Management on its successful c. £203m placing of shares in London-listed spirits producer Stock Spirits Group, representing its full remaining 37% holding in the company, via an accelerated bookbuilt offering. This allowed Oaktree to fully exit its position less than 6 months following the IPO in a single placing. This is the largest share placing on record (by % of issued share capital) to follow an IPO on the London Main Market, and corresponds to a massive 412 days’ average trading volume.

28 January 2014

Puma Energy, US$750 million Bond Issue, Switzerland

STJ acted as independent advisor to Puma Energy, one of the leading global mid- and downstream petroleum products companies, on its debut US$750 million 6.75% BB rated Senior Notes due 2021. After extensive pre-marketing in Europe and the US, which established high levels of early interest from major institutional investors, the Company upsized the offer from US$500m to US$750m. The debut issue is a milestone in Puma Energy's history, allowing the Company to diversify its funding sources and elongate the maturity profile of its debt.

10 January 2014

Matas DKK 1.2 billion Share Sale, Denmark

STJ Advisors acted as independent advisor to CVC Capital Partners on the DKK 1.2 billion (€159 million) sale of its shares in Matas A/S, the largest Danish retailer. STJ advised on all three steps of CVC’s successful exit out of its investment in Matas, in the space of just over 6 months. This included the Initial Public Offering of 60% of the company in June 2013 at DKK 115 per share; the sale of an 11% stake to strategic investor Kirbi A/S in September 2013 at DKK 130 per share; and this placing at DKK 150 per share.

11 December 2013

Bpost €580 million Share Sale, Belgium

STJ Advisors acted as independent advisor to CVC Capital Partners on the sale of their remaining stake in bpost, the Belgian postal company, in a transaction size of approximately €580 million. This was an accelerated bookbuild offering for a 19.7% stake in the company, their remaining holding after the company was privatized in an Initial Public Offering in June of 2013 as advised by STJ.

10 December 2013

Sanitec €409 million Initial Public Offering, Sweden

STJ Advisors acted as independent advisor to EQT on the SEK 3,660 million (€409 million) Initial Public Offering of Sanitec Corporation, Europe’s leading producer of bathroom ceramics, on NASDAQ OMX Stockholm. The Offering size was increased by 12.2% as a result of strong demand. The IPO priced at SEK 61 per share, within the top half of a SEK 54–66 price range, giving the company a market capitalisation of SEK 6.1 billion (€685 million).

Just Retirement £343 million Initial Public Offering, UK

12 November 2013

Just Retirement £343 million Initial Public Offering, UK

STJ Advisors acted as independent advisor on the Initial Public Offering on the London Stock Exchange of Just Retirement, a specialist UK financial services group focusing on the retirement income market. The offering raised proceeds of £343 million for the company and selling shareholder Permira, representing 30% of the company. The offer price was set at 225p per share, at the mid-point of the price range, which values Just Retirement at a premium to its main quoted comparable on both a ’14 and ’15 PE and at a lower yield.

22 October 2013

Stock Spirits £259 million Initial Public Offering, UK

STJ Advisors acted as independent advisor to the selling shareholder, Oaktree, and the company on the of £259 million Initial Public Offering on the London Stock Exchange of Stocks Spirits Group, the leading spirits and vodka producer in Central and Eastern Europe. The Offering size was set at the top end of a 35-55% range (before over-allotment option), and the price set 235p per share, at the mid-point of the price range.

10 July 2013

Deutsche Annington €575 million Initial Public Offering, Germany

STJ Advisors acted as independent advisor to the company on the €575 million Initial Public Offering of Deutsche Annington Immobilien, Germany’s largest residential real estate company. The Initial Public Offering was Germany’s largest financial sponsor related Initial Public Offering in the last two years and the second largest German Initial Public Offering in 2013.

28th June 2013

Matas €377 million Initial Public Offering, Denmark

STJ Advisors acted as independent advisor to selling shareholder CVC on the DKK 2.8 billion (€377m) Initial Public Offering of Danish beauty retailer Matas. The Initial Public Offering was Denmark’s first Initial Public Offering in two years, the largest Danish Initial Public Offering since 2010, and the largest Nordic retail Initial Public Offering ever.

19 June 2013

Bpost €866 million Initial Public Offering, Belgium

STJ Advisors acted as independent advisor to selling shareholder CVC on the €866 million Initial Public Offering of bpost NV/SA (Belgium Post). This offering was the largest private equity-backed European IPO in H1 2013, the 2nd largest European Initial Public Offering to date in 2013, and the largest Belgian Initial Public Offering since 2007.

12 April 2013

Mriya US$400 million Eurobond Tender and New Issue, Ukraine

STJ Advisors acted as independent advisor to the company on the US$400 million new issue of 2018 Eurobonds, and the associated Cash Tender for existing US$250 million 2016 Eurobonds of the Ukrainian Farming company Mriya. STJ provided advice on both the Tender and New Issue exercises.

16 January 2013

Dufry CHF442 million Share Placing for Advent, Switzerland

STJ Advisors acted as independent advisor to Advent International on the CHF442 million (US$480 million) placing of shares in the Swiss-listed international duty free operator Dufry of Advent International. The offering size was the largest by more than one third of any of the four offerings of Dufry shares since July 2007, while the discount achieved was the smallest.

5 December 2012

Banco Popular €2.5 billion rights issue, Spain

STJ Advisors acted as independent advisor to the company on the €2.5 billion rights issue of Banco Popular, done via a competitive auction structure. The offering was fully taken up with no rump placement. STJ advised Banco Popular throughout the entire process.

25 October 2012

Brunswick Rail US$600 million Eurobond, Russia

STJ Advisors acted as independent advisor to the company on the US$600 million inaugural Eurobond of Brunswick Rail, Russia's leading private freight railcar operating lessor. The issue had a 5 year tenor and was increased from US$500 million to US$600 million in the light of extremely strong demand. This debut Eurobond issue was named a 2012 Deal of the Year for Central and Eastern Europe by Euromoney Magazine.

21 March 2012

Ziggo €925m Initial Public Offering, Netherlands - EMEA Equity Issue of the year

STJ Advisors acted as independent advisor to the company and its shareholders, Cinven and Warburg Pincus on the €925m Initial Public Offering of Ziggo, the leading Dutch cable operator. This was the largest Initial Public Offering in Europe since the €3.1bn Bankia Initial Public Offering in July 2011, on which STJ also advised. The Initial Public Offering was awarded EMEA Equity Issue of the year by International Financing Review.

16 February 2012

CityFibre £4.5 million debt facility, UK

STJ Advisors acted as independent advisor to CityFibre Holdings on the completion of a £4.5 million 5-year debt facility.

26 September 2011

TMD Friction acquisition by Nisshinbo, Germany

STJ Advisors acted as independent advisor to TMD Friction SA and selling shareholder Pamplona Capital Management on a dual-track process, including a potential Initial Public Offering on the Frankfurt Stock Exchange, resulting in a recommended acquisition of the company by Nisshinbo Holdings Inc.

19 July 2011

Bankia €3.1 billion Initial Public Offering, Spain

STJ Advisors acted as independent advisor to Bankia SA on its €3.1 billion Initial Public Offering on the Bolsa de Madrid.

8 April 2011

Migros US$515 million Share Placing, Turkey

STJ Advisors acted as independent advisor to BC Partners on its Turkish Lira 775 million (approximately US$ 515 million) successful placing of ordinary shares in Migros Ticaret A.S.

10 February 2011

Smurfit Kappa €212 million Share Placing, UK

STJ Advisors acted as independent advisor to Cinven, CVC Capital Partners, and Madison Dearborn Capital Partners on the €212 million placing of shares in Smurfit Kappa Group PLC.

27 January 2011

Afren US$450 million High Yield Notes Offering, UK

STJ Advisors acted as independent advisor to Afren plc on its US$450 million high yield Notes offering.

9 December 2010

TDC US$1.9 billion Share Offering, Denmark

STJ Advisors acted as independent advisor to TDC A/S and selling shareholders Apax Partners, The Blackstone Group, KKR, Permira, and Providence Equity Partners, on the DKK10.7 billion (US$1.9 billion) offering of TDC shares on the NASDAQ OMX Copenhagen stock exchange.

3 June 2010

Chr. Hansen €740 million Initial Public Offering, Denmark

STJ Advisors acted as independent advisor to Chr. Hansen A/S and to selling shareholder PAI Partners on the company's DKK 5.0 billion (€740 million) Initial Public Offering on the NASDAQ OMX Copenhagen stock exchange.

11 May 2010

SAF-Holland €34 million Placing, Germany

STJ Advisors acted as independent advisor to Pamplona Capital Management on the successful €34 million placing of its entire 34.5% holding in SAF-Holland shares.

April 2010

Afren plc £85 million Capital Increase, UK

STJ Advisors acted as independent advisor to Afren plc on its successful £85 million capital increase.

29 March 2010

Brenntag AG €748 million Initial Public Offering, Germany

STJ Advisors acted as independent advisor to the Brenntag Management Board on its successful Initial Public Offering on the Frankfurt Stock Exchange, raising €748 million.

12 March 2010

Promethean World plc £186 million Initial Public Offering, UK

STJ Advisors acted as independent advisor to selling shareholder Apax Partners on the £186 million Initial Public Offering of Promethean World plc on the London Stock Exchange.

2 December 2009

Intec Telecom Systems plc £42 million Placing, UK

STJ Advisors acted as independent advisor to General Atlantic Partners on its successful £42 million placing of shares in Intec Telecom Systems plc.

10 November 2009

Afren plc £104.9 million Capital Increase, UK

STJ Advisors acted as independent advisor to Afren plc in its £104.9 million (US$175.0 million) placing of new ordinary shares, in conjunction with Afren’s move from AIM to the Official List of the London Stock Exchange.

9 September 2009

Xchanging plc £35 million Placing, UK

STJ Advisors acted as independent advisor to General Atlantic on its successful £35 million placing of Xchanging plc shares.

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