Hemnet, the leading Swedish real estate portal, is planning to go public on Nasdaq Stockholm in a deal that could be worth $1.2 billion U.S. The IPO could happen as soon as April, according to Swedish business newspaper Dagens Industri.

Hemnet has had several early-stage meetings with investors, according to Dagens Industri. These kind of meetings are often held in advance of an IPO in order to gauge the viability of the deal and to identify anchor investors. Hemnet is using Carnegie, a Swedish bank, to manage the IPO. Citigroup and Morgan Stanley are also involved as advisors.

General Atlantic is currently Hemnet’s majority shareholder. Sprints Capital, VNV Global and Mäklarsamfundet, a real estate agent organization, all hold minority stakes. VNV Global which is also listed on the Stockholm exchange, owns 6% of Hemnet. VNV Global valued Hemnet in its Q4 report to $680 million.

Hemnet employs around 100 persons. In 2019, the company saw revenue increased by 20% to SEK 450 million ($54 million U.S.). Profit landed at SEK 172 million.

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