Scandinavian food company Scandi Standard said on Monday it would launch an initial public offering in Stockholm that would give it a market capitalisation of up to 2.4 billion Swedish crowns ($361 million).

The company, which makes food products based on chicken and had adjusted EBITDA earnings of 479 million crowns on pro forma sales of 5.2 billion last year, said its shares would be sold at 33 to 40 crowns each.

If the owners decide to increase the offering in full and if the over-allotment option is fully exercised, it will comprise 39.6 million shares, representing 65 per cent of the total number of shares in the company.

Scandi Standard is owned by London-based private equity firm CapVest and Swedish farming association Lantmannen.

Link to full statement: r.reuters.com/hyh22w

($1 = 6.6448 Swedish Crowns) (Reporting by Sven Nordenstam)

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