SpareBank 1 Østlandet completed the bookbuilding for its IPO, which it priced at 78 Norwegian kroner per equity capital certificate, valuing the bank's equity certificate capital at about 8.4 billion kroner.
A total of 29,522,276 existing equity capital certificates were allotted in the offering, of which 24,153,149 were allotted to institutional investors, while 5,369,127 were allotted to retail investors. Holders of equity capital certificates in SpareBank 1 Østlandet will sell the certificates, representing approximately 25.0% of the Norwegian lender's certificates, following the issuance of 1,185,235 new equity capital certificates to its employees.
Sparebanken Hedmark Sparebankstiftelse will sell 19,044,938 equity capital certificates, provided that the book runners do not exercise their greenshoe option. Should the greenshoe option be exercised in full, the company's stake in SpareBank 1 Østlandet will stand at 54.03%.
SpareBank 1 Østlandet will have 107,387,775 equity capital certificates in issue following the issuance of new certificates to its employees.
Trading in the bank's equity capital certificates on the Oslo Børs will commence June 13. The bank's free float will reach approximately 27.69% following completion of the offering, and 30.19% if the greenshoe option is fully exercised.
SpareBank 1 Markets AS is acting as the global coordinator, joint lead manager and joint book runner. Pareto Securities AS and Swedbank Norge, a branch of Swedbank AB (publ), are acting as joint lead managers and joint book runners. Advokatfirmaet Selmer DA is acting as legal adviser to the bank.
As of June 9, US$1 was equivalent to 8.50 Norwegian kroner.