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Finland-based Fellow Finance closes IPO early after oversubscription

Finland-based peer-to-peer lender Fellow Finance Oy ended its initial public offering early due to oversubscription.

As part of the IPO, 2,593,658 shares, representing 44.6% of pre-IPO shares and votes and up to about 36.4% post-IPO, were offered to institutional investors in and outside Finland, private individuals and entities in Finland and the company's employees. The employee offering was priced at €6.96 per share, and the other offerings at €7.73 per share.

The offering comprised up to 1.3 million new shares, with the remainder coming from the existing stock, and the overall share count rising to as much as 7,117,625. The company was aiming to raise about €10.0 million gross and €9.1 million net of expenses.

It had received pre-commitments from investors and board members to take up about 23.1% of the offer shares, or 8.4% of post-IPO shares and votes.

The offer period had been due to close Oct. 5. The final tally, allocation, and recording of the offer shares will be disclosed on or about Oct. 9, once the subscription undertaking has been approved.

Shares will begin trading on the Nasdaq Helsinki-operated First North Finland marketplace on or about Oct. 10.