IPO Details and Offering Structure

Linjemontage i Grästorp AB (LMG), a first-level step-down material subsidiary of Kalpataru Projects International Limited, commenced trading on Nasdaq Stockholm on 25 September 2026 under the trading symbol "LMGAB".

The IPO featured an offering price of SEK 46 per share, resulting in a total company valuation of SEK 2,356,557,000. The offering comprised 14,311,620 existing shares, representing approximately 27.9% of the total number of shares and votes in Linjemontage. The total offering value amounted to approximately SEK 658.3 million.

Since the offering consisted only of existing shares, the company will not receive any proceeds from the transaction. The offering was oversubscribed several times and attracted strong interest from both international institutional investors and the Swedish general public.

Over-allotment Option and Lock-up Arrangements

An over-allotment option has been granted to the Sole Global Coordinator and Joint Bookrunners, allowing them to request up to 2,146,743 additional existing shares from Kalpataru Power Transmission Sweden AB within 30 days from the first trading day. This represents a maximum of 15% of the initial offering shares, with a value of approximately SEK 98.8 million based on the offer price.

If the over-allotment option is exercised in full, the total offering would comprise up to 16,458,363 shares, representing approximately 32.1% of the total shares and votes, with a total value of approximately SEK 757.1 million.

All selling shareholders, including Kalpataru Sweden, members of the Board of Directors, and Group Management, have entered into customary lock-up undertakings for a period of 360 days from the first day of trading.

Company Background and Business Overview

Linjemontage is a Swedish pure-play engineering, procurement and construction (EPC) provider within power infrastructure, operating in Sweden and Norway. The company specializes in substations and transmission and distribution networks across the full voltage range, with capabilities to deliver projects up to 400 kV.

Key customers include national transmission system operators (Svenska kraftnät and Statnett), regional distribution companies (Ellevio, Vattenfall Eldistribution, E.ON), and industrial customers (Volvo, LKAB, data centers). The company operates from 19 offices in Sweden, two in Norway, one in Croatia, and has recently established an operation center in India for engineering support.

Financial Performance and Order Book

For the financial year ended 31 March 2026, Linjemontage reported:

  • Net sales: SEK 3,225 million
  • Adjusted EBITA: SEK 245 million
  • Adjusted EBITA margin: 7.6%

As of 30 June 2026, the company maintained an order book of SEK 4,349 million.

Recent Project Achievements

In 2024, Linjemontage won its largest project to date—a transmission project for Svenska kraftnät valued at approximately SEK 1 billion. In 2026, the company secured a 400 kV substation project for Svenska kraftnät valued at approximately SEK 779 million.

Settlement and Stabilization Measures

Settlement of the offering is expected to occur on 29 September 2026. ABG Sundal Collier AB will act as stabilization manager and may undertake stabilization activities for up to 30 days from commencement of trading, in accordance with EU Market Abuse Regulation.

Advisors and Legal Counsel

ABG Sundal Collier AB acted as Sole Global Coordinator and Joint Bookrunner, while Pareto Securities AB served as Joint Bookrunner. Baker & McKenzie Advokatbyrå KB provided legal advice to the company, and BAHR Advokatbyrå AB advised the Sole Global Coordinator and Joint Bookrunners.

Shareholder Base Expansion

The IPO resulted in Linjemontage welcoming more than 5,500 new shareholders to the company.