Alfa Laval, the Swedish heating equipment manufacturer, has put its initial public offering back and cut its price by a third in a blow to the Nordic IPO market.

Enskilda Securities and Credit Suisse First Boston are bookrunners on the Skr9.5bn (€907m) initial public offering. Alfa Laval has cut its price range from Skr90 to Skr95, from the original range of Skr108 to Skr140. The offer will take place on May 17 rather than May 15 as originally intended, and will consist of 23.7 million shares - 37% less than initially planned.