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The company’s total revenue from the offering will amount to 450 million. The market capitalization at the beginning of the conditional trading on the stock exchange will amount to approximately 1,671 million euros. Ignitis Group announced on the Nasdaq Vilnius Stock Exchange.
Previously, Ignitis Group announced that the price of the initial public offering ranges between 22.5 and 28 euros, and the number of shares to be distributed amounts to 20,902 million. units or 27.8 percent. the total issued share capital of the company.
According to Ignitis Group, at the time of the offering, institutional investors signed LTL 18,131 million. stocks and RDA. Institutional investors in the UK account for around a third of total demand, with the largest pension funds and institutional investors from the three Baltic countries also actively participating. The rest of the demand came from institutional investors from the north, continental Europe and other international ones.
15 percent newly issued shares for 67.5 million. The European Bank for Reconstruction and Development (EBRD), which became the largest minority shareholder in the Ignitis Group, acquired the euro.
Retail investors signed $ 1.869 million at the time of the offering. shares – 9.3 percent. all shares subscribed during the IPO. A total of 6,827 retail investors participated in the offering, of which 4,691 were from Lithuania, 1,836 from Estonia and 300 from Latvia. 100% for retail investors. subscribed shares.
Members of the company’s holding company also participated in the Ignitis Group IPO. The Chairman of the Board and CEO Darius Maikštėnas signed 400 shares, Živilė Skibarkienė and Dominykas Tučkus – 300 shares each, Darius Kašauskas – 250 shares, Vidmantas Salietis – 200 shares.
Long-term shareholder quality structure
According to Jonas Kvedaravičius, Head of Swedbank’s Investment Banking Department, who is one of the implementers of the offer, the prospectus for the Ignitis Group IPO provided for the distribution of up to LTL 20.9 million. shares, and the slightly lower number of subscribed securities was due to their detailed allocation to individual investors.
“The objective was to distribute the shares as carefully as possible according to the type of investors. For many coverage (Limited Risk – BNS) received a lower share allocation, while Baltic retail investors, local and international pension funds and other long-term investors received a higher allocation. A high-quality long-term shareholder structure was a priority in this public offering, which should contribute to the development of the Lithuanian capital market ”, emphasized J. Kvedaravičius.
According to him, according to the decision of the organizers of the IPO, the exact data on the demand for the securities offered are not made public.
Broke the ice
According to Finance Minister Vilius Šapoka, the IPO of the Ignitis Group, which broke the ice in the Lithuanian capital market, became the largest transaction in the Baltic countries in the last two decades.
Photo by Julius Kalinskas / 15min / Vilius Šapoka
“I believe that such ice creams will not be formed again in the near future, because Lithuanian, Latvian and Estonian retail investors, pension funds and institutional investors have received a lot of attention during this IPO. Meeting all the demand from local investors we it allows us to expect that the trading of shares on the local market will become significantly more active, ”V. Šapoka told the media.
According to him, Ignitis Group has raised funds to promote green energy production and guarantee energy security in accordance with the objectives set by the company and the National Energy Independence Strategy.
Historical event
The initial public offering (IPO) of Ignitis Group and the debut of the company’s shares on the stock exchange scheduled for next week is a historic event in the Lithuanian capital market, says the Investors Association.
“Despite the fact that the share distribution was made at the lowest price indicated above, there is no need to underestimate the achievements: Ignitis Group has become the most valuable listed company in the Baltic countries, and its shares will undoubtedly be the most liquid on the stock market, “said Sigita Pranckėnaitė.
According to her, Ignitis Group shareholders have become a number of investors who had not previously been interested in the Baltic countries, so in the long term this will increase the attention of other issuers as well.
According to Vaidotas Fogas, Director of Investment Management at INVL Asset Management, the final price of the IPO and the number of shares subscribed by investors were not a surprise.
“The price was not surprising, that was his indication and did not change in the last hours of the offer. The number of shares distributed is also within the plan, so there are no surprises here (…) The lower the number of shares subscribed, it would definitely not be more significant, ”V. Rūkas told BNS.
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