Step-down subsidiary Linjemontage lists on Nasdaq Stockholm; offer of existing shares at SEK 46
Linjemontage i Grästorp AB, a first-level step-down material subsidiary, began trading on Nasdaq Stockholm on 25 September 2026 under symbol "LMGAB".
By ScoutQuest · · 2 min read
- Offer Price
- SEK 46 per share
- Company Valuation
- SEK 2,356,557,000
- Offering Size
- 14,311,620 existing shares (~27.9% of shares), total value ~SEK 658.3 million
- Net Sales (FY ended 31 March 2026)
- SEK 3,225 million
- Order Book (as of 30 June 2026)
- SEK 4,349 million
What happened
Kalpataru Projects International shared a press release from Linjemontage i Grästorp AB (LMG), a first-level step down material subsidiary, announcing the first day of trading of its shares on Nasdaq Stockholm on 25 September 2026 under the symbol "LMGAB". Settlement is expected on 29 September 2026.
Offering details
- Offer price: SEK 46 per share, equivalent to a valuation of SEK 2,356,557,000 for all shares after the IPO.
- Offering size: 14,311,620 existing shares, about 27.9 percent of total shares and votes.
- Total offering value: approximately SEK 658.3 million.
- Over-allotment option: up to 2,146,743 additional existing shares to be acquired from Kalpataru Power Transmission Sweden AB, a maximum of 15 percent of the offering, valued at about SEK 98.8 million, exercisable within 30 days of listing.
- If fully exercised, the offering rises to 16,458,363 shares, about 32.1 percent, worth about SEK 757.1 million.
- The offering consisted only of existing shares, so Linjemontage itself receives no proceeds.
- The offering was oversubscribed several times and brought in more than 5,500 new shareholders.
- Kalpataru Sweden, other selling shareholders, board and group management entered customary lock-up undertakings of 360 days from the first day of trading.
About the business
Linjemontage is a Swedish pure-play EPC provider in power infrastructure, working on substations and transmission and distribution networks in Sweden and Norway. Customers include Svenska kraftnät, Statnett, Ellevio, Vattenfall Eldistribution, E.ON, Volvo, LKAB and data centres. It operates from 19 offices in Sweden, two in Norway and one in Croatia, and has set up an operation centre in India for engineering support.
Typical substation and transmission projects range from about SEK 50 million to SEK 500 million. In 2024 it won a transmission project for Svenska kraftnät valued at approximately SEK 1 billion, and in 2026 a 400 kV substation project valued at approximately SEK 779 million.
Financials shared
- Net sales for the financial year ended 31 March 2026: SEK 3,225 million.
- Adjusted EBITA: SEK 245 million, an adjusted EBITA margin of 7.6 percent.
- Order book as of 30 June 2026: SEK 4,349 million.
Why it matters for investors
The listing monetises a part of the stake held by Kalpataru Sweden and establishes a public market valuation for a subsidiary that had not previously been separately priced. A stabilisation manager may support the share price for up to 30 days from the start of trading.
Also from Kalpataru Projects International
Linjemontage IPO: over-allotment option partly exercised, KPTS stake at 66.45%
24 Oct 2026
KPIL announces new order wins of ₹2,349 crores in T&D and B&F businesses
21 Oct 2026
CRISIL upgrades Kalpataru Projects long-term rating to CRISIL AA+/Stable, affirms CRISIL A1+
16 Oct 2026
More numbers
- Offer price per shareSEK 46 per share
- Post-IPO valuation of LinjemontageSEK 2,356,557,000
- Shares in the Offering14,311,620 existing shares
- Stake offeredapproximately 27.9 percent
- Over-allotment shares from Kalpataru Sweden2,146,743 additional existing shares
- Over-allotment option valueapproximately SEK 98.8 million
- Offering size if over-allotment fully exercised16,458,363 shares
- Stake if over-allotment fully exercisedapproximately 32.1 percent
- Total offering valueapproximately SEK 658.3 million
- Lock-up period360 days
- Net sales FY ended 31 March 2026SEK 3,225 million
- Order book as of 30 June 2026SEK 4,349 million
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