This news is more than six months old

Key results of Íslandsbanki's initial public offering

To access the material you need to choose a country and agree to terms

Select country

Key results of Íslandsbanki's initial public offering

Reykjavík, 15 June 2021, Iceland.
Bankasýsla ríkisins (Icelandic State Financial Investments, “ISFI”), on behalf of the Treasury of Iceland (“Selling Shareholder”), and Íslandsbanki hf. (“Íslandsbanki” or the “Bank”), today announce the key results of Íslandsbanki´s initial public offering (the “IPO” or the “Offering”). The offer period closed today, at 12:00 (GMT).


  • The price at which the Offer Shares will be sold (the "Offer Price") has been set at ISK 79 per share.
  • The number of ordinary shares of the Bank ("Shares") to be sold in the Offering ("Offer Shares") is 636,363,630, plus up to 63,636,363 additional Shares assuming full exercise of the overallotment option.
  • The value of the Offering, at the Offer Price and assuming full exercise of the overallotment option, amounts to ISK 55.3 billion or USD 457 million.
  • The Offering is the largest IPO in the history of Iceland.
  • On the basis of the Offer Price the implied market capitalisation of the Bank is ISK 158 billion or USD 1.3 billion.
  • The Offering was multiple times oversubscribed at the final Offer Price, with substantial interest from both retail and institutional investors, resulting in total demand of ISK 486 billion or USD 4.0 billion.
  • In accordance with the Prospectus and other sources of law, the Selling Shareholder, during allocation, aimed for a dispersed and diverse ownership of the Bank. Furthermore, retail investors will be guaranteed a minimum allocation of up to ISK 1 million.
  • Information on allocations will be provided no later than Wednesday, 16 June 2021.
  • Total number of shareholders, post Offering, will be approximately 24 thousand, which is the largest shareholder base of any listed company in Iceland.
  • Following the Offering, the Selling Shareholder will hold 65% of the share capital of the Bank, assuming full exercise of the overallotment option. Other domestic investors are expected to hold approximately 24% and international investors approximately 11%.
  • Trading on Nasdaq Iceland is expected to commence at 09:30 GMT on 22 June 2021, under the ticker symbol "ISB".
  • The Bank and the Selling Shareholder have agreed on customary lock-up undertakings for the benefit of the Joint Global Coordinators for a period of 180 days from the first day of trading.
  • Citigroup Global Markets Europe AG, Íslandsbanki hf. and J.P. Morgan AG acted as Joint Global Coordinators and Joint Bookrunners on the Offering. Barclays Bank Ireland PLC, HSBC Continental Europe, Fossar Markaðir hf. and Landsbankinn hf. acted as Joint Bookrunners for the Offering. Arion banki hf. and Kvika banki hf. acted as Joint Lead Managers, and Arctica Finance hf., Íslenskir fjárfestar hf. and Íslensk verðbréf hf. as Co-Lead Managers. STJ Advisors Group Limited acted as financial advisor to the Selling Shareholder, and ABN AMRO Bank N.V. as financial advisor to Íslandsbanki.

Bjarni Benediktsson, Minister of Finance and Economic Affairs:

“It is pleasing to see the results of Íslandsbanki's IPO. High demand and public participation are particularly enjoyable, as Íslandsbanki's shareholder base will be the largest of all listed companies in Iceland. This is not least due to the decision to allow subscriptions down to ISK 50,000 and guarantee a minimum allocation of up to ISK 1 million. The sale is profitable for the Treasury and will be helpful for the recovery in the near future. More importantly, this is the first step in reducing the state's risk in the banking sector and with that we move closer to a healthier environment, similar to the Nordic countries and other neighbouring countries of ours.”

Lárus L. Blöndal, Chairman of the Board of Directors of ISFI:

“The IPO of Íslandsbanki has successfully priced in line with its originally proposed timeline. This is a significant milestone in ISFI‘s management of the government‘s holding in financial undertakings and a great achievement for all parties involved. The offer was very well received and generated high demand from all investor types, both domestically and internationally. It has been a great pleasure to witness the momentous retail demand which will give Íslandsbanki the largest shareholder base of any company on Nasdaq Iceland. This first important step will pave the way for the government‘s policy of fully disposing the bank to private ownership when market conditions are favourable and acceptable.”

Birna Einarsdóttir, CEO of Íslandsbanki:

“We are very happy with the result of the Offering, which marks a very important moment in the history of the Bank. I am pleased to see the strong demand confirming investors’ belief in Íslandsbanki’s strategy and vision and the opportunities which lay ahead in Iceland. I very much welcome the new shareholders to the Bank.”


Jóhann Ottó Wathne

Investor Relations

+354 844 4607

Björn Berg Gunnarsson

Public Relations

+354 844 4869