Sources: Swedish online pharmacy Apotea prepares for listing

Swedish online pharmacy Apotea AB is considering launching an initial public offering (IPO) on the domestic market this year, according to sources cited by Bloomberg. They say the company is working with consultants, including Carnegie Bank A/S, to prepare for the potential listing. Apotea's IPO could raise $200 million to $300 million, the sources said.

Talks about the offer are at an early stage and its details, including size, could change, according to the sources.

A Carnegie representative declined to comment on the information published by Bloomberg late last week, while Apotea did not respond to requests for comment.

Founded in 2011, Apotea is one of Sweden's largest online pharmacies with approximately 900 employees. Apotea offers over-the-counter and prescription products for human and veterinary use, as well as medical advice via email, online and telephone consultations.

European IPOs are showing signs of resurgence after a prolonged hiatus, as issuers look to take advantage of a market surge driven by interest rate cuts, Bloomberg writes. Companies in the region have raised more than $18 billion in first-time share sales so far this year, up about 56 percent from the same period in 2023, according to data compiled by Bloomberg.

While trading activity has picked up this month as bankers rush to close deals ahead of an expected slowdown around the US presidential election, some companies have delayed plans to list. For example, last week Spanish bakery Europastry SA decided to postpone its IPO for the second time this year. For its part, Italian sports footwear manufacturer Golden Goose SpA postponed its plans in June.