Published: 2019-12-02 11:00:00 CET
Nasdaq Tallinn
Announcement from the exchange

Results of the initial public offering of shares of Coop Pank aktsiaselts

Coop Pank aktsiaselts (registry code: 10237832, address: Narva mnt 4, Tallinn, 15014; Coop Pank) announces of completion of the initial public offering of its shares (the Offering).

The Offering commenced at 10:00 on 18 November 2019 and ended at 15:30 on 29 November 2019. In the course of the Offering, Coop Pank offered up to 32,180,155 new ordinary no-par-value shares to be issued by Coop Pank (the New Shares) and certain shareholders of Coop Pank offered up to 8,065,700 existing ordinary no-par-value shares by (the Existing Shares; together with New Shares, the Offer Shares). The number of Offer Shares may have been increased by up to 6,036,878 existing ordinary no-par-value shares to up to 46,282,733 Offer Shares.

10,879 investors participated in the Offering and subscribed for 32,989,362 Offer Shares in total. Subscriptions from retail investors were above expectations while subscriptions from institutional investors remained more modest than expected.

Coop Pank together with AS LHV Pank (the Global Lead Manager) decided to approve 1.15 euros as the Offer Price which is the lower end of the offer price range. The Offer Price is the same in the retail offering and in the institutional offering.

Coop Pank together with the Global Lead Manager decided that all subscribers will receive shares in the subscribed amounts and 32,989,362 Offer Shares (including 2,462,699 over-allotment shares) are allocated to investors, which represents 71 percent of the initially planned Offering amount. As a result, the total volume of the Offering together with the over-allotment option is 37,937,766 euros.

Based on the allocation approved by the supervisory board of Coop Pank, 27,236,321 New Shares and 5,753,041 Existing Shares (including over-allotment shares) are allocated in the course of the Offering, which amount to 82,6% and 17,4% respectively of the total amount of Offer Shares allocated in the course of the Offering. 5,753,041 Existing Shares (including 2,462,699 over-allotment shares) are allocated as part of the institutional offering and the remainder of the Offer Shares are allocated as part of the retail offering. The Existing Shares are sold to the Offering by selling shareholders AS Inbank, Luciano Orsero and Roberto de Silvestri, Andres Sonn decided not to sell shares in the course of the Offering.

The gross proceeds to Coop Pank from the Offering amount to 31.3 million euros. After registration of the share capital increase of Coop Pank in the Estonian Register of Securities, the share capital of the bank will be 60,960,316.9 euros and will consist of 89,456,166 shares.

The Offer Shares allocated in the Offering will be eligible for any dividends paid on the shares for the financial period starting on 1 January 2019, and for any subsequent financial period.

Offer Shares allocated to investors will be transferred to the securities accounts of investors on or about 4 December 2019. Trading in the shares of Coop Pank on Nasdaq Tallinn Stock Exchange Baltic Main List is expected to commence on or about 9 December 2019.

In connection with the Offering, Coop Pank and the Selling Shareholders have granted AS LHV Pank as the stabilising manager the right to acquire up to 2,462,699 shares from the Nasdaq Tallinn Stock Exchange to stabilise the stock price of the shares in conformity with the applicable law. AS LHV Pank may (but is not obligated to) make stabilisation transactions on the Nasdaq Tallinn Stock Exchange or over-the-counter at any time within 30 calendar days (included) as of commencement of the trading with the Coop Pank’s shares on the Nasdaq Tallinn Stock Exchange.

Kerli Lõhmus
Tel: +372 56 800 425

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. It has 15 branch offices and 28 banking points all over the country. The number of clients using Coop Pank for their daily banking has reached 58,300. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 330 stores and about 600,000 loyal customers.