Drangar hf., the parent company of Orkan, Lyfjaval and Samkaup, recently completed a successful capital increase. The company aimed to raise ISK 3 billion, but subscription commitments totaling ISK 3.6 billion were received. The subsidiaries of Drangar operate around 160 service locations across the country. The offering marks an exciting milestone for the group and creates room for investment and operational improvements. The outcome strongly supports Drangar’s long‑term vision and lays the foundation for further growth of the group.
In connection with the offering, Íslandsbanki hf. exercised a purchase right held due to an underwriting commitment, and SKEL Investment Company hf. exercised a loan‑conversion right and sold to investors. The offer price was ISK 12 per share, corresponding to a pre‑money equity value of ISK 24.3 billion. Issuance of the new shares and settlement of the transactions is scheduled for December 9. The investor group consists of domestic institutional and professional investors, as well as private investors. Alongside the offering, a shareholder agreement was approved outlining key governance and operational priorities for the company leading up to the planned listing on the stock exchange in 2027.
We warmly congratulate Drangar on this major milestone and thank them for the cooperation.
The manager of the offering was Íslandsbanki Corporate Finance, Fossar Investment Bank provided sales advisory services, and BBA//Fjeldco served as legal counsel. Íslandsbanki underwrote the offering.