Ice Group said it plans to hold an initial public offering (IPO) of its ordinary shares and apply for a listing on the Oslo stock exchange. It expects to issue new shares to raise gross proceeds of approximately NOK 3.0 billion prior to the exercise of an overallotment option. Current majority owner Access Industries intends to remain a substantial shareholder after the IPO and will not sell any shares in connection with the offer.
The IPO will support Ice Group's strategy to expand its network in Norway, continue its subscriber and revenue growth and significantly improve EBITDA and cash flow. The IPO will also diversify the ownership structure of the company and enhance the liquidity of its shares.
A limited number of management-owned shares are intended to be sold following the IPO to cover direct costs resulting from the exercise of options, but management is expected to increase its aggregate net shareholding through the exercise.
The exact timing of the IPO remains subject to the relevant approvals from Oslo Bors and the Norwegian Financial Supervisory Authority, as well as the prevailing equity capital market conditions. DNB Markets and UBS Limited are acting as joint global coordinators and joint bookrunners for the IPO, with Carnegie and Pareto Securities as joint bookrunners, too.
