Listing could be imminent for NNIT

The timeframe seems to be changing for listing Novo Nordisk’s IT subsidiary

Novo Nordisk’s IT company NNIT could be listed on the Copenhagen Stock Exchange within the next two months – much sooner than had previously been expected, Børsen reports.

The company is being advised by Morgan Stanley and Danske Bank and had previously indicated that a listing would take place, but not so soon.

READ MORE: NNIT on brink of largest IT listing for a decade

Accelerated process
Scandinavian Tobacco Group has delayed its intended listing because of a surprise change of leadership, and analysts claim this will benefit an imminent listing of NNIT because there won’t be the same competition for investors’ attention. In addition, a source told Børsen that the listing would have to take place before December when the market comes to a standstill.

Both Novo Nordisk, which currently owns all the shares in NNIT, and the company itself are however unwilling to comment on rumours that the listing will take place by October or November.

”As we have previously communicated, we’ll take a position before the year is out. That’s still the case and we don’t want to comment on rumours,” Novo Nordisk’s head of press, Katrine Sperling, informed Børsen.

Børsen reports that on September 16 the company changed its articles of association and made a capital increase to 249 million kroner.

The company is expected to get a valuation of about 4 billion kroner on the stock market. According to information Børsen has received, Novo Nordisk will only sell about a third of the shares in NNIT so that it can retain control of the IT company.