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Danish firm Johnsen Oil says mulling IPO next year

Publish Date 2010-11-03
* Mulls IPO after inking big deals in Russia

* Not decided how much would be floated

* Banks to handle the deal not yet chosen

(Adds CEO comments, details)

By John Acher

COPENHAGEN, Nov 1 (Reuters) -Denmark-based Johnsen Oil, which develops filtration products for the the oil and gas industries, is considering a public share listing in the next few months, its chief executive said on Monday.

Henrik Karlsgaard told Reuters the firm's owners and its adviser Schroder Partners were discussing the best timing for a share offer.

"It will take months," he said.

Karlsgaard said there was no decision yet on how much of the company its some 50 shareholders, of which co-founder Jan Ingolf Kristiansen is the biggest, would aim to float and bookrunners for an IPO remain to be hired.

"When we get going, we will need banks but that is not decided yet," he said.

Karlsgaard was commenting after telling Danish business daily Borsen that the five-year-old firm was looking at a listing on the Copenhagen or Stockholm bourse, having broken into the Russian market this year with deals with Russian oil and gas firms expected to generate annual sales of well above 1 billion Danish crowns ($187 million).

In March Johnsen signed a 10-year deal with a German subsidiary of Gazprom (GAZP.MM: Quote) which it estimates could generate annual sales of 50 million to 100 million euros after a 24-month build-up phase that starts in 2011, according to the company's website.

And in September Johnsen signed a 10-year deal with Russian oil and gas construction firm RAO Rosneftegazstroy seen worth 100 million to 200 million euros annually from 2011, the company said on its website.

Karlsgaard told Reuters a share listing may be sought elsewhere than in Stockholm or Copenhagen. ($1=5.337 Danish crowns) (Writing by Anna Ringstrom; Editing by Greg Mahlich)

© Thomson Reuters 2010 All rights reserved






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