Arion banki hf. set the final price for its IPO at 75 Icelandic kronur per ordinary share on Nasdaq Iceland and 6.11 Swedish kronor per Swedish depository receipt on Nasdaq Stockholm.
The selling shareholders will place 452.5 million ordinary shares and depository receipts in the IPO and up to 67,875,000 ordinary shares and depository receipts will be offered to cover potential overallotments. Assuming all overallotment securities are placed, the total offer volume will be about 39.03 billion kronur and about 3.18 billion kronor.
The Icelandic bank's market capitalization would be 135.75 billion kronur and 11.06 billion kronor, with a free float of about 30.9% of its outstanding share capital.
Arion banki said the offer was oversubscribed when the final deal price was set, with investors coming from Iceland, Sweden and the U.S., among other locations.
Arion Bank Investment Banking, Carnegie, Citigroup and Morgan Stanley serve as joint global coordinators on the IPO, with Deutsche Bank and Goldman Sachs International acting as joint book runners and Fossar, Islandsbanki, Landsbankinn and Svenska Handelsbanken as co-lead managers.
As of June 14, US$1 was equivalent to 105.64 Icelandic kronur and 8.69 Swedish kronor.