Helsinki-based real estate investor Kojamo Oyj is expected to receive gross proceeds of roughly €150 million following the completion of its oversubscribed IPO.
The company will issue the shares at a final price of €8.50 apiece, the lower end of its initial price range, resulting in a market capitalization of roughly €2.10 billion.
The offering comprises 17,665,039 new shares, 39,202,312 existing shares to be sold by certain shareholders of the company, and up to 8,530,098 additional shares to cover overallotment. The new shares represent roughly 7.1% of the company's total outstanding shares following the offering. The total outstanding shares of the company comes to 247,144,399 shares after the new shares are registered in the Finnish Trade Register on or about June 14, while the number of shareholders will increase to more than 2,700.
If the overallotment is exercised in full, the company will allocate 63,548,765 of the offered shares in a private placement to institutional investors in Finland and internationally, while 1,668,884 shares will be allocated in a public offering to private investors in Finland. Kojamo's employees and management team will be allocated 179,800 of the offered shares.
Ilmarinen Mutual Pension Insurance Co., Varma Mutual Pension Insurance Co., the Finnish Industrial Union, Trade Union for the Public and Welfare Sectors, Finnish Construction Trade Union, Service Union United PAM, Trade Union PRO and Trade Union of Education OAJ are among the sellers of the existing shares in the company, and, along with other selling shareholders, are expected to receive gross proceeds of roughly €406 million if the overallotment option is exercised in full.
The shares are expected to trade on the pre-list of Nasdaq Helsinki Ltd. on or about June 15.
Goldman Sachs International, J.P. Morgan Securities PLC and the Finnish branch of Nordea Bank AB (publ) are the joint global coordinators and joint book runners for the offering. Goldman Sachs and J.P. Morgan will act as joint global coordinators in the institutional offering only.
OP Corporate Bank PLC will serve as joint book runner for the offering, and as manager along with the joint global coordinators.
Roschier Attorneys Ltd. and Freshfields Bruckhaus Deringer LLP serve as the legal advisers to Kojamo on the listing, while White & Case LLP is the legal adviser to the managers.