493 0 Kommentare Pihlajalinna announces the preliminary price range for its planned initial public offering

PIHLAJALINNA OY COMPANY RELEASE 22 MAY 2015, 1.30 p.m. EET

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Pihlajalinna announces the preliminary price range for its planned initial public offering

Pihlajalinna Oy ("Pihlajalinna" or "the Company"), one of the leading private social and healthcare service providers in Finland, announces the price range for the share issue and sale related to the planned initial public offering (the "Initial Public Offering" or the "IPO") of its shares. The Company announced on 4 May 2015 that it is planning an initial public offering on the Official List of NASDAQ OMX Helsinki Ltd ("Nasdaq Helsinki"). With the authorisation given by the Extraordinary General Meeting of the Company today on 22 May 2015, the Company's Board of Directors has decided on the Initial Public Offering and the making of the listing application.

The IPO in brief

The preliminary price range in the IPO is EUR 9.00-10.75 per share (the "Preliminary Price Range").
In the planned IPO:
- The Company offers for subscription (the "Share Issue") and certain shareholders of the Company (the "Sellers") offer for purchase (the "Share sale") preliminarily a maximum of 7,607,076 Company Shares (the "Shares").
- The Company offers a maximum of 6,666,667 newly issued Shares (the "Issue Shares") for subscription. The Company aims to generate gross proceeds of approximately EUR 60 million through the Share Issue. To achieve this goal, it may change the number of shares offered in the Share Issue within the limits of these terms and conditions.
- The Sellers offer a maximum of 940,409 existing Shares for purchase (the "Sale Shares", the Issue Shares together with the Sale Shares referred to as the "Offer Shares").
- A maximum of 500,000 Shares are preliminarily offered to private individuals and organisations in Finland (the "Public Offering") and preliminarily a maximum of 7,107,076 Shares are offered to Finnish and international institutional investors (the "Institutional Offering") .
- Sentica BuyOut III Ky and Sentica BuyOut III Co-Investment Ky (together, the "Institutional Sellers") and Danske Bank A/S, Helsinki Branch (the "Lead Manager") may agree that the Lead Manager will have the right to subscribe for a maximum of 978,000 additional Shares to cover over-allotment (the "Over-Allotment Option"). The over-allotment option shares correspond to approximately 7 per cent of the Shares and votes before the Initial Public Offering and approximately 5 per cent after the Initial Public Offering, assuming that all Issue Shares preliminarily offered for subscription and purchase are subscribed for.
- LähiTapiola Keskinäinen Vakuutusyhtiö as well as LähiTapiola Keskinäinen Henkivakuutusyhtiö have provided subscription undertakings according to which they undertake, subject to certain conditions, to subscribe for Offer Shares at least in the amount of 6.3 million euros.
The Preliminary Price Range implies a market capitalisation of the Company of approximately EUR 181-204 million.
Based on the Preliminary Price Range, and assuming that Issue Shares corresponding to gross proceeds of EUR 60 million are subscribed for in the Share Issue, that the maximum amount of Sale Shares are sold in the Share Sale, and that the Over-Allotment Option is exercised in full, the IPO is valued at approximately EUR 77-81 million
Assuming that all Issue Shares are subscribed for in the Share Issue, the number of the Company's Shares can increase to a maximum of 20,065,527 shares.
The subscription period for the Public Offering will commence on 25 May 2015 at 10:00am EET and end at the latest on 2 June 2015 at 4:00pm EET.
The subscription period for the Institutional Offering will commence on 25 May 2015 at 10:00am EET and end at the latest on 4 June 2015 at 12:00pm EET.
The first day of trading on the pre-list of Nasdaq Helsinki is expected to be 5 June 2015 and the shares will trade under the symbol "PIHLIS".