References/9 Apr 2020

Borenius advised the Joint Global Coordinators on the IPO of Musti Group Oyj

We represented the joint global coordinators and joint bookrunners, i.e. Carnegie Investment Bank AB, Finland branch, Jefferies International Limited and Nordea Bank Abp, on the initial public offering (“IPO”) of Musti Group Oyj (“Musti Group”). It was the largest IPO in Finland for the last 1½ years with the offering size of EUR 182 million. An EQT managed fund was the largest shareholder of Musti Group before the IPO and it was also the largest seller in the IPO.

Trading on the Musti Group’s shares on Nasdaq Helsinki commenced on 13 February 2020.

Musti Group is the leading Nordic pet care company that operates an omnichannel business model to cater for the needs of pets and their owners across Finland, Sweden and Norway. Musti Group’s net sales were EUR 247 million in the financial year 2019 (financial year ending 30 September 2019). At the end of the financial year 2019, the company had 1,100 employees, over one million loyal customers and 277 stores.

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Juha Koponen


Helsinki, London, New York


Einari Karhu