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Sauna manufacturer Harvia to go public on Helsinki Stock Exchange

The Finnish sauna and spa manufacturing company Harvia says the IPO (initial public offering) aims to raise some 45 million euros in new capital.

Harvin sauna
Image: Isto Janhunen / Yle

Finnish sauna maker Harvia announced Monday that it plans a listing on the Helsinki Stock Exchange. The company is currently majority-owned by capital investment firm CapMan, which invested in Harvia in 2014 and holds a 70-percent stake.

Once listed, both current and new Harvia shares will be for sale. Following the public offering, investor Capman will remain a significant shareholder in the company.

The listing aims to raise 45 million euros in capital in a bid to implement strategy and expand the ownership base. Harvia plans to pay shareholder dividends twice a year, with the exception of 2018 when it will pay out a dividend once.

The announcement came as no surprise as plans for listing had been in the works for a while. Pertti Harvia, a member of the founding family and previous CEO, said the goal to list on the stock exchange was already in place in 2014 when the family sold the majority of the business to CapMan.

In 2017, Harvia posted revenues of 60 million euros and a profit of 9.3 million euros. The company employs around 365 workers in Finland, China, Russia and Estonia. Harvia’s headquarters, as well as the world’s largest factory for assembling sauna heaters, are located in Muurame, Central Finland.

The plans for the public listing were first reported in February by daily Helsingin Sanomat.

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