Start of trading in Coop Pank shares postponed to Tuesday
Nasdaq Baltic announced on Sunday that Coop Pank AS shares will be listed on the Baltic Main List on Tuesday, Dec. 10, one day later than originally planned.
Due to the large number of subscribers to Coop Pank shares during the initial public offering (IPO), the settlement platform was unable to process all instructions on Friday evening as initially expected, Nasdaq Baltic said. A full settlement cycle reconciliation will be conducted on Monday to confirm that all systems and processes are ready for the first day of trading on Tuesday.
According to the decision made by the Listing and Surveillance Committee of Nasdaq Tallinn on Nov. 26, up to 94.4 million non par value shares of Coop Pank AS were set to be listed on the Nasdaq Baltic Main List on Dec. 9 or a date close to it.
During Coop Pank's IPO, some 11,000 investors subscribed to almost 33 million of the bank's shares, as a result of which 71 percent of the original maximum planned IPO volume of 46 million shares was achieved.
The supervisory board of Coop Pank approved an IPO of the bank of €37.9 million at a price of €1.15 per share.
Coop Pank issued 27 million new shares, and its equity is to increase by €31 million. This sum will be used to implement the bank's growth strategy.
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Editor: Aili Vahtla