Carnegie Joint Global Coordinator in the ISK 39,028 million / SEK 3,180 million IPO of Arion Bank on Nasdaq Iceland and Nasdaq Stockholm

Arion Bank was listed today on Nasdaq Iceland and the Nasdaq Stockholm. The shares were sold to retail investors in Iceland and Sweden as well as institutional investors in Iceland, Europe and the United States. The offering saw strong interest of both retail and institutional investors was multiple times oversubscribed at the final deal price

Overview of the IPO

  • The Selling Shareholders have set the final price for ordinary shares offered in the Arion Bank IPO at ISK 75 per share on Nasdaq Iceland and SEK 6.11 per SDR on Nasdaq Stockholm.
  • A total of 452,500,000 ordinary shares currently owned by the Selling Shareholders was placed in the IPO. Additionally, up to 67,875,000 ordinary shares have been made available from the holdings of the Selling Shareholder to cover potential over-allotments (the “Over-Allotment Securities”)
  • Assuming the placement of all Over-Allotment Securities, the total offer volume amounts to ISK 39,028 million / SEK 3,180 million
  • Arion Bank’s total market capitalization will amount to ISK 135,750 million / SEK 11,061 million and a free float of c.30.9% of Arion Bank’s outstanding share capital
  • Arion Bank’s ordinary shares and SDRs started trading on Nasdaq Iceland and Nasdaq Stockholm under the ticker symbol ARION IR and ARION SDB respectively, on 15 June 2018 at 9:30 Icelandic time (GMT) / 11:30 (CEST)

About Arion Bank

Arion Bank is a leading, privately owned universal relationship bank in Iceland with a differentiated and innovative approach. Arion Bank has established itself as a broad and well-balanced bank that provides products and services which meet the needs of Icelandic households and companies. To ensure it is well-balanced and diversified in its product and services offering and expertise, Arion Bank has organised itself across four dedicated divisions, Retail Banking, Corporate Banking, Investment Banking and Asset Management. Arion Bank furthermore operates strategic subsidiaries that add valuable products and services to the business, such as payment processing, fund management and insurance. Arion Bank’s diversified and balanced approach to its business also means that it has a broad revenue base and a balanced and diverse loan portfolio with moderate risk profile serving individuals and companies. As a result, Arion Bank enjoys a strong position within domestic financial markets in terms of its return on equity, operational efficiency and product and services offering

Carnegie acted as Joint Global Coordinator in the IPO.