Havyard completes Oslo IPO

Havyard Group ASA has completed its initial public offering in connection with listing on Oslo Stock Exchange.

The Offering consists of 4,200,000 existing shares sold by the current majority shareholder, Havila Holding AS. In addition, the managers have exercised an option to over-allot 420,000 existing shares pursuant to an over-allotment and stabilisation agreement with the Company and Geir Johan Bakke AS. Accordingly, the Offering consists of 4,620,000 existing shares including over-allotments.

The shares are priced at NOK 33.50 per share, implying a market capitalisation of Havyard of NOK 754.7 million.

Havila will retain an ownership in the Company of approx. 63.5 % subject to a lock-up period of twelve months. Correspondingly, the Company’s top management team has entered into lock-up agreements of twelve months.

Investors in the Offering include a wide range of international and Norwegian investors. Approximately 81 % of the shares in the Offering were allotted to investors in the institutional offering while 19 % of the shares were allotted to investors in the retail offering. Investors in the retail offering will receive a discount of NOK 1,500 on the aggregate amount payable for the shares allocated to such investors. Following the Offering, Havyard is expected to have more than 900 shareholders, and accordingly the criteria set by the board of directors of Oslo Stock Exchange for listing of Havyard on the Oslo Stock Exchange have been met.

Related: Havyard cuts IPO price

The number of ordinary shares in issue following the Offering will remain unchanged at 22,528,320, each with a nominal value of NOK 0.05. Trading of the shares in Havyard on the Oslo Stock Exchange is expected to start on 1 July 2014 under the ticker symbol “HYARD”.

Notifications of allotted shares and the corresponding amount to be paid by investors are expected to be communicated to the investors on 25 June 2014, with settlement on 30 June 2014. Investors having access to investor services through their VPS account manager will be able to check the number of shares allocated to them from 26 June 2014. The managers may also be contacted for information regarding allocation.

Fearnley Securities AS and Arctic Securities ASA are acting as managers for the IPO and the listing.

Press Release, June 25, 2014

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