May 15 (Bloomberg) -- Com Hem AB, the Swedish cable operator owned by BC Partners Ltd., is preparing an initial public offering to raise about $1 billion, according to two people with knowledge of the matter.
Com Hem will start the sale process as early as next week, the people said, asking not to be named as the details aren’t public yet. The Stockholm IPO could value the company at about $3 billion and will involve a sale of new and existing shares, they said.
Private-equity shareholders are exiting stakes they bought since the financial crisis as investors return to Europe’s IPO markets, which raised about $27 billion since the start of the year, the most in the period since 2011, according to data compiled by Bloomberg. BC Partners acquired Com Hem in 2011 for 1.7 billion euros ($2.3 billion), according to its website.
JPMorgan Chase & Co., Morgan Stanley and Nordea Bank AB are managing the sale, according to two people.
A spokesman for BC Partners in London and Com Hem in Stockholm declined to comment on the IPO plans.
Com Hem, which said it connects to about 39 percent of homes in Sweden, reported first-quarter underlying earnings before interest, taxes, depreciation and amortization of 545 million kronor ($83 million), compared with 544 million kronor a year earlier. Sales were little changed at 1.12 billion kronor as the number of unique subscribers increased 1.8 percent to 838,000, it said in a May 2 statement.