Nets A/S, which was valued at about US$4.5 billion in an initial public offering (IPO) last month, resorted to a stabilization clause to halt a decline in its share price.
Deutsche Bank AG, the Danish payment firm’s stabilizing manager, took the measures by intervening in the market, Nets said in a statement on Monday after the market had closed.
The stabilizing measures occurred on Sept. 23, the stock’s first day of trading, Nets spokesman Karsten Anker Petersen said by telephone.
Nets started to fall below its 150 krone-a-share opening price on the first day, dropping 3.3 percent.
The company had closed its books early citing strong investor demand in an IPO that valued it at 30 billion kroner (US$4.5 billion), with 52 percent of the firm in free float, and not including a so-called over-allotment.
Nets shares traded 0.7 percent higher at 141.9 kroner as of 9:06am in Copenhagen yesterday. The Copenhagen benchmark index gained 0.3 percent.
Shares in Nets rose 2.8 percent on Monday after sinking more than 5 percent last week. Since it started trading on Sept. 23, the stock has lost 6.1 percent through Monday’s close.
The company was sold by private equity funds Advent International Corp and Bain Capital, as well as Danish pension fund ATP. The consortium of owners behind the IPO agreed to buy Nets for 17 billion kroner from a group of Nordic banks, including Danske Bank A/S, Nordea Bank AB, DNB ASA and Denmark’s central bank, in March 2014.
Nordea, Morgan Stanley and Deutsche were the main advisers on the sale.
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