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Norway: OKEA announces successful completion of initial public offering


17 Jun 2019

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OKEA has announced the successful completion of its initial public offering. The first day of trading in the Company's shares on Oslo Børs will be 18 June 2019.

The IPO in summary:

  • The shares in the IPO are priced at NOK 21 per share. The price implies a market capitalization of OKEA of approx. NOK 2,139 million.
  • OKEA will issue 15,000,000 new shares in connection with the Offering, raising gross proceeds of NOK 315 million. There will in total be 101,839,050 shares in issue following the issuance of the New Shares, and the New Shares will represent approx. 15% of the total shareholding in OKEA after the IPO.
  • The Managers have over-allotted 2,250,000 shares, representing 15% of the number of New Shares issued in the Offering.
  • After completion of the Offering, the free float of OKEA will be ~29% if the over-allotment option is not utilized and ~31 % if the over-allotment option is utilized in full. The Company will have more than 900 shareholders.
  • Trading of the shares in OKEA on Oslo Børs will commence on 18 June 2019, under the ticker 'OKEA'.

Pareto Securities, Skandinaviska Enskilda Banken, Oslo Branch and SpareBank 1 Markets are acting as Joint Global Coordinators and Joint Bookrunners in the IPO. Advokatfirmaet Schjødt is acting as legal advisor to OKEA, and Arntzen de Besche Advokatfirma is acting as legal advisor to the Managers.

Original article link

Source: OKEA





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