STOCKHOLM, April 27 Reuters Shares of Swedish real estate web portal Hemnet, backed by U.S. private equity firm General Atlantic, rose 50 on its debut on Nasdaq Stockholm on Tuesday.

The shares, trading at 165 Swedish crowns at 0852, were priced at 115 crowns. They touched a high of 172.48 crowns.

The offering comprised of 17.9 million ordinary shares, corresponding to about 17.7 of the total number of shares in the company.

Founded in 1998, Hemnet was acquired by General Atlantic and Sprints Capital in 2016 for about 2 billion crowns 232 million and the company is now Swedens largest housing portal.

Swedish housing prices rose to alltime highs in 2020 and housing prices on average are expected to be 9 higher in 2021, according to a report by Nordea.

The price of single family homes rocketed 17 in the first three months of the year, according to Svensk Maklarstatistik, an association of real estate agents.

Reporting by Supantha Mukherjee in Stockholm; editing by Niklas Pollard

Source Reuters