Iceland: IPO planned for Íslandsbanki on Nasdaq Iceland

NordenBladet — According to mbl.is, the next step towards an IPO (initial public offering) and listing of shares in Íslandsbanki has been announced by The Icelandic State Financial Investments, on behalf of the Treasury of Iceland and Íslandsbanki hf.

The public offering is set to offer shares to institutional and retail investors in Iceland, as well as a private placement to certain institutional investors in various jurisdictions. The offering will be representing a minimum of 25 percent and the total amount issued and outstanding share capital of Íslandsbanki.

The proposal to initiate a sale process of Íslandsbanki was submitted to Bjarni Benediktsson, Iceland’s Minister of Finance and Economic Affairs, in December 2020.

“The listing of Íslandsbanki on Nasdaq Iceland is an important first step to reduce the Icelandic state’s significant ownership in the banking sector and will provide a clear path for the state to sell its remaining shares in the bank in the near future,” explains Benediktsson.

Benediktsson followed up by saying, “Thereby we move one step closer to a healthier environment in our banking sector, such as those of our neighboring countries in the Nordics. I am very pleased to see how well the process for the IPO, run by ISFI and its advisors, is going and look forward to seeing it successfully completed.”