NNIT on brink of largest IT listing for a decade
NNIT, a Novo Nordisk subsidiary and one of Denmark’s leading IT consultants, is set to become the largest IT listing in over a decade on the back of a successful 2013.
The first step towards flotation has been taken as NNIT has picked Danske Bank for its banking needs and Morgan Stanley as its advisor.
“We are working full-steam ahead. We have chosen Morgan Stanley and Danske Bank as our consultants, and for legal matters we have picked the law firms Gorrissen Federspiel and Davis Polk,” Per Kogut, the head of NNIT, told Børsen newspaper.
While a number of experts have highly rated the NNIT shares, speculating that the company is worth an estimated four billion kroner, Kogut kept his cards close to his hands.
Expecting great interest
One source told Børsen that NNIT expects to be listed sometime after the summer, and that the NNIT management is clearly optimistic and expecting the shares to generate great interest.
“The only thing I can say is that there are not many IT firms, so one could assume that there was an interest in a well-run Danish IT company,” Carsten Krogsgaard Thomsen, NNIT's head of finance, told Børsen.
NNIT employs over 2,000 people and enjoyed a turnover in 2013 of 2.2 billion kroner with profits exceeding 246 million kroner before tax.