The Ministry of Finance and Economic Affairs on behalf of the Treasury of Iceland, today announces the launch of a fully marketed offering of existing ordinary shares in Íslandsbanki hf. and the publication of the related prospectus. The offering is made on the basis of a specific legislation passed by Alþingi (Act No. 80/2024) and the execution will be in accordance with that legislation.
Arctica Finance is acting as a Joint Bookrunner in the offering.
Individuals and legal entities are invited to take part in the fully marketed offering of the state’s shares in Íslandsbanki hf. which commences today and will continue until Thursday May 15 at 17:00 GMT.
The base offering covers up to 376,094,154 of the issued shares in Íslandsbanki hf., which is 20% of the total issued and outstanding share capital of the Bank. In addition, the Minister of Finance and Economic Affairs has the authority to allocate additional shares if there is excess demand in the offering. The base volume of the offering and the possible volume increase together represent 45.2% of the shares of Íslandsbanki hf.
The prospectus was published today, announcing the size of the offering and the price per share in Tranche A, along with additional information. The prospectus can be accessed here, and ðrpsðectoce investors are encouraged to thoroughly review the contents of the prospectus before making any investment decision, including the terms of the offering and the discussion of risk factors.
There are three subscription options in the offering: Book A, Book B, and Book C, each with different participation rules, priority levels, subscription sizes, and allocation methods.
The offering commences on Tuesday May 13, 2025, at 8:30 GMT. It is expected to close on Thursday May 15, 2025, at 17:00 GMT. It is expected that the result of the offering will be published on 15 May 2025. The final due date for payment of the allocated shares is set for 20 May 2025
The offering places special emphasis on participation of individuals, as outlined in Act No. 80/2024. Allocation of shares to individuals pursuant to Tranche A, i.e. allocations to individuals with Icelandic ID, will have priority over Tranche B and C, and they will benefit from the lowest price.
Following the offering, the Ministry of Finance and Economic Affairs will publish a list of the buyers, both individuals and legal entities.
For inquiries regarding potential participation in the offering, you may contact Arctica Finance Capital Markets:
Other Icelandic Joint Bookrunners are Arion Bank hf., Kvika Bank hf., and Landsbankinn hf. Information on Joint Bookrunners can be found on the Government's website.
