SEB

In another sign of the cautious mood gripping the IPO market in Western Europe, Varta AG, the German microbatteries maker, has called off its €150m Frankfurt IPO. Yet the Nordic market continues to show its resilience, as three successful flotations reach their conclusion this week.

The IPO of Arcus, the Norwegian distiller owned by private equity group Ratos, is multiple times covered within its revised price range.

DNA, one of Finland’s largest telecommunications companies, has revised the price range for its Helsinki IPO to the lower middle end of its initial range, having gathered a book two thirds made up of foreign investors.

One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.

The momentum in the equity block trade market since the US presidential election has continued this week, with nearly $1.4bn of issuance, as vendors rush to sell assets before the loss of US distribution for the Thanksgiving holiday on Thursday.

Arcus, the Norwegian distiller owned by private equity group Ratos, opened the books for its Nkr1.5bn ($188m) Oslo initial public offering on Monday and was covered at its maximum size by the afternoon.

DNA, one of Finland’s largest telecommunications companies, has begun bookbuilding for its IPO after announcing the terms on Monday evening.

Nordea and SEB have underwritten €760m of loans for the merger of Finnish paper and pulp makers Ahlstrom and Munksjö.

Ratos, the Swedish private equity group, has announced plans to list Arcus, the leading Norwegian supplier of spirits and wines, on the Oslo Stock Exchange.

Shares in Ahlsell, the Swedish wholesaler of plumbing and electrical installation products, have traded strongly since its Skr6bn ($671m) Stockholm IPO, ending Thursday 13% above their IPO price.

DNA Ltd, Finland’s third largest mobile phone operator, has decided after a strategic review to embark on a second attempt at an IPO, more than three years after shareholders voted against going public.

Banque Fédérative du Crédit Mutuel (BFCM) was quick to take advantage of strong conditions in the tier two market on Tuesday, following quickly behind Skandinaviska Enskilda Banken’s tightly priced trade to launch its second 10 year bullet of the year.