Public Property Invest has oversubscribed the issue

Public Property Invest, an offshoot of the crisis-hit property company SBB, announces on Thursday evening that the issue in connection with the company’s stock market listing has been fully subscribed.

The issue is significantly oversubscribed, according to the stock exchange announcement. Both local and international institutional investors, as well as small savers in Sweden and Norway participate.

A total of NOK 1.5 billion in new capital has been raised, and 105 million new shares are being printed. The shares are listed at a price of NOK 14.50, at the very bottom of the range presented earlier. This values ​​the company at NOK 3 billion.

91 percent of the shares, including the overallocation of 15 million shares, went to institutional investors, while private investors took 9 percent of the shares. 28 percent of the shares went to existing owners.

The company’s shares will be available for trading from Monday 29 April.

Upon listing, SBB will own a 33.7 per cent stake in the listed company. A lock-up agreement of 360 days has been entered into.

– We want to express our gratitude to the investors who support our vision, despite the demanding market. The listing provides opportunities for PPI to establish itself as a leading player in the Norwegian property market, with low gearing, high growth ambitions and an attractive dividend policy, says Ilija Batljan, CEO of the company.