VMP Plc becomes listed on Helsinki Stock Exchange’s First North Finland -market place
VMP Plc (“VMP” or the “Company”) has completed its Initial Public Offering (the “Offering” or “IPO”) and becomes listed on the First North Finland market place maintained by Nasdaq Helsinki Ltd. (“First North”). Trading in the Company’s shares started on June 19 2018. The final offer price of the shares (the “Final Offer Price”) in the Offering is EUR 5.00 per Offer Share (as defined below), corresponding to a market capitalization of approximately EUR 69.5 million following the Offering (approximately EUR 74.0 million assuming full exercise of the over-allotment option).
During the past 30 years VMP has grown from a regional family company into one of the leading HR services companies in Finland. The Company’s mission is to help people and companies to succeed in the changing work life. VMP has a comprehensive offering of staffing, recruiting and organisational development and self employment services. In 2017 VMP’s revenue amounted to EUR 109.5 million and EBITDA was EUR 9.3 million corresponding to an 8.5 per cent EBITDA margin. During the first quarter of 2018 VMP’s revenue grew by 21.1 per cent, compared to the previous year, to EUR 28.0 million and adjusted EBITDA grew by 54.1 per cent, compared to the previous year, to EUR 2.4 million corresponding to an 8.4 per cent adjusted EBITDA margin.
The IPO enables the Company to implement its growth strategy and increases strategic flexibility by strengthening VMP’s balance sheet. The IPO strengthens VMP’s brand awareness and recognition among customers, potential employees, investors and the overall HR services industry and thus enhances VMP’s competitiveness. The IPO also allows the Company to broaden its ownership base, increases the liquidity of its shares, and enables the use of the shares more effectively as a means of consideration in potential acquisitions and in incentive programs for key personnel.
In the IPO, VMP issued 6,038,819 new shares in the Company (the “Offer Shares”), corresponding to approximately 43.5 percent of the total number of the Company’s shares outstanding after the Offering. 550,000 Offer Shares were issued to private individuals and entities in Finland and 6,006,456 shares were allocated to institutional investors in Finland and internationally. In addition, VMP issued 388,185 Offer Shares for the salaried employees employed by the Company or its group companies in Finland during the subscription period, the Company’s chain franchisees in Finland, the members of the Board of Directors and of the Management Team and the CEO. The Company received gross proceeds of approximately EUR 30 million from the Offering (approximately EUR 34.5 million assuming full exercise of the over-allotment option). The total number of the Company’s outstanding shares increased to 13,893,376 after the issuance of Offer Shares.
Funds managed by Sentica and VMP’s founding family’s company Meissa-Capital Oy did not sell shares in the IPO, but acted as Cornerstone Investors, and subscribed Offer Shares in total worth of EUR 7,479,339. Sentica’s funds remain the largest owner of the Company with approximately 39% ownership.
Chairman of the Board and Sentica’s Investment Director Liisa Harjula:
”At Sentica, we believe the IPO at this time advances execution of VMP’s strategy. VMP’s objective is to consolidate the fragmented HR services market. The IPO strengthens the Company’s balance sheet, which we believe will increase flexibility in making acquisitions that strengthen VMP’s offering and market position. At Sentica, we believe in VMP’s future and we will remain as a significant shareholder also after the IPO.”
Liisa Harjula, Sentica’s Investment Director and VMP Plc’s Chairman of the Board
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 = Operating profit + Depceriation and impairment
 = EBITDA + items impacting comparability
VMP in brief
VMP is a Finnish HR services company with a comprehensive offering of staffing, recruiting and organisational development and self employment services. VMP is one of the leading HR services companies in Finland as measured by revenue. With its comprehensive services offering VMP aims to meet the changing needs of both employees and employers and is a holistic HR partner to its clients.
In 2017, VMP’s revenue amounted to EUR 109.5 million and EBITDA was EUR 9.3 million corresponding to an 8.5 per cent EBITDA margin.
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