OSLO: LINK Mobility Group Holding has announces the terms of its initial public offering of shares and listing on the Oslo Stock Exchange. The total number of Shares offered in the Offering is 146.855 million equating to NOK 6.902 billion.
Subject to approval of the listing application and a successful completion of the Offering, the shares of LINK Mobility are expected to be admitted to listing and commence trading on the Oslo Stock Exchange on a conditional trading basis on 21 October 2020 under the ticker symbol “LINK”. Unconditional trading is expected to commence on 23 October 2020.
The Offer Shares will be offered at a fixed price of NOK 47.00 per Offer Share corresponding to an equity value of the LINK Mobility post issuance of the New Shares of approximately NOK 12.6 billion.
The Offering will comprise of a primary offering of up to 53.2 million new shares to be issued by the LINK Mobility to raise gross proceeds of up to approximately NOK 2.5 billion and a secondary offering of up to 74.5 million existing shares by the existing shareholders equating to approximately NOK 3.5 billion.
There will also be an over-allotment option to over-allot up to 19.155 million additional shares comprising up to 15% of the total number of New Shares and Sale Shares sold in the Offering.
The Company will receive the proceeds from the sale of New Shares and the Selling Shareholders will receive the proceeds from the sale of Sale Shares and the Lending Selling Shareholders will receive the proceeds from any shares sold under the Over-Allotment Option.
The net proceeds from the sale of the New Shares will be used to repay current debt liabilities, strengthen the Group’s balance sheet and fund future acquisitions in addition to investments in R&D and product development, in line with the Group’s strategy.
Seven cornerstone investors have undertaken to acquire, and will be allocated, Offer Shares for a total amount of minimum NOK 2.3 billion in the Offering, subject to certain conditions.
These seven cornerstone investors are i) Swedbank Robur Fonder (NOK 600 million committed), ii) DNB Asset Management (NOK 500 million committed), iii) The Government Pension Fund of Norway, Folketrygdfondet (NOK 500 million committed), iv) Delphi Funds, a part of Storebrand Asset Management AS (NOK 250 million committed), v) Luxor Capital Group (NOK 175 million committed), vi) TIN Fonder (NOK 175 million committed) and vii) Didner & Gerge Fonder (NOK 100 million committed).
After completion of the Offering, it is expected that the free float of LINK Mobility will be approximately 55% (on the full deal size including the Over-Allotment option). However, the final number of Offer Shares will be determined by the Company, in consultation with the Joint Global Coordinators, after completion of the bookbuilding period in the institutional offering.
The bookbuilding period for the institutional offering will commence on 14 October 2020 at 09:00 hours (CEST) and run until 14:00 hours (CEST) on 20 October 2020. The application period for the retail offering will commence on 14 October 2020 at 09:00 hours (CEST) and run until 12:00 hours (CEST) on 20 October 2020. The bookbuilding period and the application period may be extended at any time, but will in no event be extended beyond 14:00 hours (CET) on 30 October 2020.
The Company expects to apply for listing of its shares on the Oslo Stock Exchange on 13 October 2020. It is expected that the Oslo Stock Exchange will approve the listing application on or about 16 October 2020.
ABG Sundal Collier ASA and Jefferies International Limited are acting as Joint Global Coordinators and Joint Bookrunners in the Offering, while Carnegie AS is acting as Joint Bookrunner and SpareBank 1 Markets AS is acting as Co-Lead Manager.
AGP Advokater AS is acting as Norwegian legal counsel to the Company and Paul Hastings LLP is acting as international legal counsel to the Company. Advokatfirmaet Thommessen AS is acting as Norwegian legal counsel to the Managers and Davis Polk & Wardwell London LLP is acting as international legal counsel to the Managers. TRY Råd is acting as communications adviser.
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