Novo Nordisk A/S is seeking an Initial Public Offering (IPO) of NNIT A/S on NASDAQ OMX Copenhagen A/S (Nasdaq Copenhagen). NNIT is a wholly-owned subsidiary of Novo Nordisk A/S and one of Denmark’s leading IT service providers and consultancies.
The company has been considering spinning off NNIT since last January, when it named a new CFO for NNIT, Carsten Krogsgaard Thomsen, and directed him to review the pros and cons of NNIT independence.
Novo Nordisk formally set NNIT aside as an independent, wholly owned subsidiary back in 1998. Last year’s sales amounted to 2.4 billion kroner.
NNIT brought in about 2.2 billion kroner in 2013, or about $404 million, and external customers have accounted for a growing percentage of those sales. For 2014, that share was expected to be about 50 percent.
Source: Novo Nordisk