April 10, 2019 / 7:20 AM / 12 days ago

UPDATE 1-Adevinta shares surge after Norway's most valuable IPO in 13 years

(Adds valuation, detail)

OSLO, April 10 (Reuters) - Adevinta’s shares jumped 10 percent on Wednesday as the online advertising group made its market debut in Oslo, a day after completing Norway’s most valuable initial public offering in 13 years.

The fast-growing classified ads company was spun off from media firm Schibsted late on Tuesday, selling so-called class B shares at 78 Norwegian crowns each.

The B shares hit 85.94 crowns in early trade, an increase of 10 percent from the IPO, while its vote-rich class A shares opened at 87 crowns before easing slightly, giving the group a market value of 57.9 billion crowns ($6.8 billion) at 0718 GMT.

Schibsted had initially sought to place the B shares in a 70-82 crowns range.

It was the Nordic nation’s most valuable new listing since 2006 and the fourth-biggest overall, exceeded only by the past listings of Equinor, Telenor and REC Silicon .

Adevinta has set its sights on mergers and acquisitions in Europe, South America and North Africa, the newly formed company’s chief executive told Reuters late last year. ($1 = 8.5118 Norwegian crowns) ($1 = 8.5170 Norwegian crowns) (Reporting by Nerijus Adomaitis, writing by Terje Solsvik, editing by Gwladys Fouche)

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