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Skandiabanken ASA: Bookbuilding successfully completed - offer shares priced at NOK 46 per share

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE.

Bergen, 30 October 2015; Skandiabanken ASA, (Skandiabanken, ticker SKBN) announces the successful completion of its initial public offering (the Offering).

In summary

  • The shares in the Offering are priced at NOK 46 per share.
  • Skandiabanken will issue 6,525,000 new shares in connection with the Offering (the New Shares), raising gross proceeds of approximately NOK 300 million. There will in total be 106,525,000 shares outstanding following the issuance of the New Shares.
  • Livförsäkringsbolaget Skandia, ömsesidigt (the Selling Shareholder) will sell 68,050,000 shares in the Offering, representing approximately 64% of the shares of Skandiabanken after the issuance of the New Shares. The Selling Shareholder will retain an ownership of approximately 30% in Skandiabanken following the Offering, prior to the exercise of the over-allotment option granted by the Selling Shareholder as further described below.
  • The Joint Bookrunners (as defined below) have over-allotted 11,175,000 shares, representing 15% of the number of shares sold in the Offering before over-allotments, and borrowed an equal number of shares from the Selling Shareholder for the purpose of covering such over-allotments. In case of full exercise of the over-allotment option by the Joint Bookrunners, the Selling Shareholder's shareholding in Skandiabanken will be reduced to approximately 19.5%.
  • The offer price implies a market capitalisation of Skandiabanken of NOK 4.9 billion.
  • The first day of trading on the Oslo Stock Exchange will be Monday 2 November 2015.

A total of 85,750,000 shares (including over-allotted shares) were allocated in the Offering, representing 80.5% of the shares in issue after the Offering, of which approximately 95% of the shares were allocated to investors in the institutional offering and approximately 5% to investors in the retail offering and the employee offering. Following the Offering, Skandiabanken is expected to have approximately 4,500 shareholders.

Notifications of allocated shares and the corresponding amount to be paid by investors are expected to be communicated to investors on or about 30 October 2015. Investors having access to investor services through their VPS account manager will be able to check the number of shares allocated to them from about 08:00 hours (CET) on 30 October 2015. The Joint Bookrunners may also be contacted for information regarding allocations.

The Selling Shareholder has granted the Joint Bookrunners an over-allotment option, exercisable by Carnegie AS as stabilisation manager within 30 days from the date hereof to cover over-allotments or other short positions in connection with the Offering. A separate disclosure will be issued by the stabilisation manager regarding the over-allotment and stabilisation activities.

Carnegie AS acts as Sole Global Coordinator in the IPO. Skandinaviska Enskilda Banken AB (publ.), Oslo Branch acts as Joint Bookrunner alongside Carnegie. DNB Markets, a part of DNB Bank ASA acts as Co-Lead Manager.

For further queries, please contact:

Investor relations contacts
Magnar Øyhovden, CEO, Skandiabanken ASA, +47 959 40 038
Henning Nordgulen, CFO, Skandiabanken ASA, +47 952 65 990

Media contact
Leif-Kjartan Bjørsvik, Chief Communication Officer, Skandiabanken ASA, +47 900 41 162

About Skandiabanken ASA
In April 2000, Skandiabanken was launched as the first pure digital bank in Norway. Today, the Bank offers a comprehensive range of financial products and services to individuals and households in Norway within payments and card services, deposit-based savings, investment products, long-term loans and short-term loans. The Bank has no branches and all products and services are offered directly through the digital platform which is available on a broad range of user devices. As of 30 June 2015, Skandiabanken had 380,248 account customers with a balance, and total assets of NOK 64 billion. For more information, see https://skandiabanken.no/investor-relations.

IMPORTANT INFORMATION

United States
These materials may not be published, distributed or transmitted in the United States, Canada, Australia, the Hong Kong Special Administrative Region of the People's Republic of China, South Africa or Japan. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the "Shares") of Skandiabanken ASA (the "Company") in the United States, Norway or any other jurisdiction. The Shares of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Shares of the Company have not been, and will not be, registered under the Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

European Economic Area   
Any offering of securities will be made by means of a prospectus to be published that may be obtained from the issuer or selling security holder, once published, and that will contain detailed information about the Company and its management, as well as financial statements.

These materials are an advertisement and not a prospectus for the purposes of Directive 2003/71/EC, as amended (together with any applicable implementing measures in any Member State, the "Prospectus Directive"). Investors should not subscribe for any securities referred to in these materials except on the basis of information contained in the prospectus. In any EEA Member State other than Norway (from the time the prospectus has been approved by the Financial Supervisory Authority of Norway, in its capacity as the competent authority in Norway, and published in accordance with the Prospectus Directive as implemented in Norway) that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at "qualified investors" in that Member State within the meaning of Article 2(1)(e) of the Prospectus Directive ("Qualified Investors"), i.e., only to investors to whom an offer of securities may be made without the requirement for the Company to publish a prospectus pursuant to Article 3 of the Prospectus Directive in such EEA Member State.

United Kingdom
In the United Kingdom, these materials are only being distributed to and are only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.