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Successful IPO of Heimavellir concluded

An initial public offering of shares in Heimavellir concluded at 16:00 on 8 May 2018. In the IPO, 750,000,000 new shares in Heimavellir were offered for sale. Landsbankinn was sole coordinator and bookrunner of the IPO.

A total of 701 subscriptions in the amount of ISK 1,690 m were received and the Board of Directors of the Company decided to accept 689 subscriptions for 750 million new shares for the total amount of ISK 1,043 m. The average price in the IPO is ISK 1.39 per share. The market value of all shares in Heimavellir following the share capital increase will be ISK 15.6 bn.

For order book A, where the size of subscriptions was ISK 100,000-500,000 purchase price, the offer price was 1.33 and, as previously determined, 5% lower than the offer price of order book B. Maximum allocation in this part of the IPO was ISK 500,000 purchase price and subscriptions were allocated in full.

For order book B, where investors entered subscriptions in the price range of ISK 1.38-1.71 per share for subscriptions of ISK 550,000-10,000,000 purchase price, the offer price is 1.40 per share. Investors who entered subscriptions with a lower maximum price were not allocated shares in order book B. Subscriptions for order book B were allocated in full for subscriptions under ISK 550,000 purchase price; curtailment of subscriptions at offer price in order book B was otherwise proportional.

Offer book C was open to subscriptions for purchase price over ISK 10,000,000 at the minimum price of ISK 1.38 per share. The offer price of order book C is ISK 1.41 per share. Investors who entered subscriptions with a lower price were not allocated shares in order book C. Curtailment of shares at offer price for order book C is proportional.

Order books
  Offer price Amount Shares
Order book A 1,3300 186.158.584 139.968.860
Order book B 1,4000 532.043.596 380.031.140
Order book C 1,4100 324.300.000 230.000.000
Total 1.042.502.180 750.000.000

Investors can obtain information about allocation in the IPO no later than at the end of business on 9 May 2018 by going to the IPO's platform on Landsbankinn's website and logging in with the same identification they used to register subscriptions. Due date and final date for payment of subscriptions is 18 May 2018 and shares in Heimavellir will be distributed to investors on 23 May 2018, following reception of payment.

The Iceland Stock Exchange is expected to announce its acceptance of the application of Heimavellir for its shares to be admitted to trading on the regulated market of the Stock Exchange before 23 May. First day of trading on the Stock Exchange is expected to be 24 May 2018; the Stock Exchange will announce the first day of trading at least one business day in advance.

Guðbrandur Sigurðsson, Managing Director of Heimavellir:

"It is gratifying to see such a high level of interest and trust in Heimavellir from investors participating in the IPO. The aim of the IPO was to increase shareholder numbers to fulfil the listing requirements of the regulated market of the Icelandic Stock Exchange with regards to distribution of ownership and number of shareholders. We achieved those aims and I want to take this opportunity to offer a warm welcome to new shareholders. The Company has achieved great success in a short time. Our next large venture will be refinancing, and listing on the Stock Exchange will stand us in good stead as we go forward."

Information on the IPO page (Icelandic)

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