Share offering of Íslandsbanki hf.

The subscription period commenced at 9:00 am GMT, Monday, 7 June 2021 and ended at 12:00 pm GMT, Tuesday 15 June 2021


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  • Subscriptions shall be registered electronically via a subscription system found on the order website
  • An open investor meeting will be held at 8:30 am GMT, Thursday, 10 June.
  • The subscription period will commence at 9:00 am GMT, Monday 7 June 2021 and end at 12:00 pm GMT, Tuesday 15 June 2021
  • The number of Existing Offer Shares will represent a minimum of 25% of the total issued and outstanding share capital of the Bank and a maximum of 35% of the total issued and outstanding share capital
  • The Selling Shareholder has granted the Joint Global Coordinators to purchase additional Shares at the Offer Price, comprising up to 10% of the total number of Existing Offer Shares sold in the Offering. If the Over-Allotment Option is fully exercised, the Offer Shares will constitute up to 35% of the issued and outstanding Shares
  • Investors are offered two subscription options, Tranche A and Tranche B, which differ in terms of size of subscription and allocation
  • The Offer Price is expected to be between ISK 71 and ISK 79 per Offer Share and will be determined through a book-building process. The Offer Price will be set in ISK.
  • The results of the Offering are expected to be published on 15 June 2021 and result of allocation on 16 June 2021
  • Final due date for payment by investors is 21 June 2021
  • Delivery of the new Shares is expected at the latest of 23 June 2021 and listing and commencement of trading on Nasdaq Iceland is expected to take place on 22 June 2021
  • Íslandsbanki, J.P. Morgan and Citibank are Joint Global Coordinators of the Offering

IPO Highlights


Tranches


Tranche A

Tranche B

Íslandsbanki's IPO

The Offering consists of a public offering of the Offer Shares to institutional and retail investors in Iceland and a private placement to certain institutional investors in various other jurisdictions.

The Offering consists of a public offering of the Offer Shares to institutional and retail investors in Iceland and a private placement to certain institutional investors in various other jurisdictions.

Order size

Orders amounting to ISK 50,000 and up to ISK 75,000,000

Orders over the size of ISK 75,000,000

Offer price

The Offer Price is expected to be between ISK 71 and ISK 79 per Offer Share and will be determined through a book-building process. The Offer Price will be set in ISK.

The Offer Price is expected to be between ISK 71 and ISK 79 per Offer Share and will be determined through a book-building process. The Offer Price will be set in ISK.

Offer size

The Offering will comprise Existing Offer Shares representing a minimum of 25% of the total issued and outstanding share capital of the Bank.

The Offering will comprise Existing Offer Shares representing a minimum of 25% of the total issued and outstanding share capital of the Bank.

Offer period

The Offer Period commences on Monday 7 June at 9:00 GMT and is expected to close on Tuesday 15 June at 12:00 GMT.
Investors are entitled to update or cancel their subscriptions during the subscription period by deleting their current subscription on the order website and adding a new one. All orders not cancelled during the Offer Period will bind the respective investor once the Offer Period terminates

The Offer Period commences on Monday 7 June at 9:00 GMT and is expected to close on Tuesday 15 June at 12:00 GMT.
Investors are entitled to update or cancel their subscriptions during the subscription period by deleting their current subscription on the order website and adding a new one. All orders not cancelled during the Offer Period will bind the respective investor once the offer Period terminates

Allocation

Efforts will be made to provide full allotment to subscriptions up to a minimum of ISK 1,000,000

As a general allocation principle the Selling Shareholder will apply criteria designed to fulfill the requirements of the applicable legislation including Act No. 155/2012 and Act No. 88/2009, the Government's Ownership Policy, the Minister's Decision and accepted market practices. More information can be found in the prospectus under the chapter „Terms and Conditions of the Offering”

Delivery of Offer Shares

Delivery of the Shares is estimated to take place no later than two business days following receipt of satisfactory payment from the investor.

16 June – Results of allocations under the Offer notified to investors and electronic payment slips will be made available via online bank
21 June – Final due date for payment by investors
22 June – Expected first day of trading of the Shares on Nasdaq Iceland

Delivery of the Shares is estimated to take place no later than two business days following receipt of satisfactory payment from the investor.

16 June – Results of allocations under the Offer notified to investors and electronic payment slips will be made available via online bank
21 June – Final due date for payment by investors
22 June – Expected first day of trading of the Shares on Nasdaq Iceland

The Joint Global Coordinators reserve the right to request investors for proof of funds for any submitted order. Failure to provide sufficient proof of funds can result in the order being invalidated. The Joint Global Coordinators reserve the right to demand confirmation of investors' ability to pay and/or collateral for payment from investors. If investors do not agree to this demand from the Joint Global Coordinators before the close of the subscription period or before the end of any other deadline in relation to the Offering, the Joint Global Coordinators reserve the right to reject and invalidate the subscription of the investor, wholly or partly. The Joint Global Coordinators have sole discretion to decide whether confirmation of the ability to pay and/or collateral is sufficient. Sole discretion means that the Joint Global Coordinators will assess each confirmation separately and they are not obliged to reveal how the decision was made and the counterparty will not be given the opportunity to object to the decision or its application.

The Selling Shareholder will cancel the Offering if Nasdaq Iceland rejects the Bank's application to have all Shares in the Bank admitted to trading on the regulated market of Nasdaq Iceland. The Selling Shareholder reserves the right to cancel the Offering if orders are not received for at least the minimum number of the Offer Shares in the Offering, if it is not able to obtain a satisfactory Offer Price within the Offer Price Range, or for any other reason in its sole discretion. If the Offering is cancelled pursuant to the above, all orders for Offer Shares in the Offering and allocations made on the basis thereof will be invalidated as a result. It will be publicly announced if the Offering is cancelled or if the Offer Period is accelerated, extended or postponed, following which (other than in the case of cancellation of the Offering) a supplement to this Prospectus will be prepared, approved and published in accordance with Article 23 of the Prospectus Regulation and Article 5 of the Prospectus Act, as applicable. In such case (other than in the case of cancellation of the Offering), investors may be able to withdraw their orders.

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Secur­it­ies and pen­sion ser­vices Íslandsbanki


Tranche A

Send email+354 440 4900

Cor­por­ate fin­ance Íslandsbanki


Tranche B

Send email+354 440 4000