UPDATE 3-Security firm Verisure rises 13% after $16 billion Stockholm IPO

(Adds details on IPO, opening price in paragraphs 2-3) STOCKHOLM, Oct 8 (Reuters) – Shares of security services group Verisure rose 13% on Wednesday on their first day of trading on the Stockholm bourse following the biggest initial public offering of a European company since 2016, according to LSEG data. Verisure traded at 15.0 euros at 0713 GMT against an offering price announced earlier on Wednesday of 13.25 euros (145.36 crowns) that had valued the group at 13.7 billion euros ($15.9 billion). The Switzerland-based alarm systems provider's float comes amid a broader revival in Europe's IPO market after a sluggish first half of the year, when several listings were pulled due to trade tensions and concerns over conflict in the Middle East. STRONG INSTITUTIONAL INVESTOR INTEREST Verisure, which had previously set a share price range of between 12.25 and 13.50 euros, said in a statement the offering was multiple times oversubscribed. "The offering attracted strong interest from Swedish and international institutional investors as well as the general public in Sweden," it said. Verisure, initially a unit of Sweden's Securitas , was first listed in 2006 as Securitas Direct. Its current majority owner is U.S. private equity firm Hellman & Friedman. The company unveiled in September it planned to list on Nasdaq Sweden and raise 3.1 billion euros. It said on Wednesday that if an overallotment option is exercised in full, proceeds of the IPO will total around 3.6 billion euros. ($1 = 0.8610 euros)(1 Swedish crown = 0.0912 euros) (Reporting by Anna Ringstrom; Editing by Terje Solsvik and Muralikumar Anantharaman)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)