Scania now a publicly listed company:
First trade occurs on Stockholm Stock Exchange Scania is Sweden’s first company on the NYSE
At noon GMT, the first trade in Scania shares took place on the Stockholm Stock Exchange (SSE). The price in the IPO (initial public offering) of Scania shares was 180 Swedish kronor (SEK). Based on this price, Scania is the 7th largest company on the SSE. The first deal in the new share was made at SEK 186 in Scania A and SEK 185 in Scania B shares. During the day, trading in Scania shares also commences on the New York Stock Exchange (NYSE). Scania is the first Swedish company listed on the NYSE.
The first trade on the SSE was carried out in the presence of Leif Östling, President and CEO of Scania, and Bengt Rydén, Chief Executive of the Exchange.
Scania is the first Swedish company with a listing on the New York Stock Exchange. Other Swedish companies have U.S. listings on NASDAQ. The NYSE is the world’s largest bourse in terms of trading volume and aggregate market value. NASDAQ, on the other hand, has the largest number of listed companies. Scania shares will also be listed on the Stock Exchange Automated Quotation System International (SEAQ International) of the London Stock Exchange.
The now-completed flotation of Scania was the largest ever carried out by a privately owned corporate group in the international capital market.
Swedish-based Investor AB, formerly Scania’s sole owner, offered a total of 100 million Scania shares for sale in Sweden and abroad. Between 7.5 and 10 per cent of these shares are expected to be sold to the Swedish general public. During the weekend the price was established at SEK 180 in the offering to acquire shares in Scania. Based on this price, the market value of Scania amounts to SEK 36,000 million, making Scania the 7th largest Swedish company on the Stockholm Stock Exchange.
By broadening the ownership of Scania, Investor intends to reduce its stake by half. During the next few years, when Investor shareholders make use of their warrants to buy Scania shares, Investor’s holding in Scania will gradually drop to around 30 per cent.
Some key Scania statistics for 1995
Scania’s share of the west European heavy truck market rose from 12.8 per cent
in 1994 to 14.3 per cent. Worldwide sales totalled 44,600 trucks and buses, up
33 per cent from 33,500 the year before.
Operating income after depreciation rose from SEK 3,909 m. in 1994 to SEK
5,352 m. in 1995. This represented an operating margin of 15.4 per cent, up from
14.7 per cent in 1994.
Income after financial items totalled SEK 4,847 m., up from SEK 3,686 m.
Net income rose from SEK 2,556 m. in 1994 to SEK 3,280 m.
Return on capital employed totalled 31.0 per cent, up from 27.2 per cent in 1994