Trading in Coop Pank shares begins on Tallinn Stock Exchange
Following a one-day delay, trading in shares of Coop Pank began on the Nasdaq Tallinn Stock Exchange (TSE) on Tuesday.
The share listing of Coop Pank comes after the company's initial public offering (IPO) on Nov. 18-29, which saw 10,879 investors subscribe to 32.99 million shares in the total amount of €37.94 million, or 71 percent of the planned maximum size of the IPO.
"The number of investors that bought Coop Pank shares during the IPO is impressive," said Nasdaq Tallinn CEO Kaarel Ots. "There have been just two IPOs in the Baltics over the years that have had more subscribers than Coop's IPO."
Coop Pank CEO Margus Rink said that in addition to the capital it raised with the IPO, the bank also transformed itself in the process from a company with 64 shareholders to a company listed on the stock exchange and with nearly 11,000 shareholders.
"In the name of Coop Pank's employees, I pledge that we'll commit to the promises we have given our shareholders and will fulfill our growth plans," Rink said.
In the course of the IPO, Coop Pank issued 27 million new shares, and its equity increased by €31 million. This sum will be used to implement the bank's growth strategy.
Start of trading delayed by one day
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.
The Estonian capital-based Coop Pank is one of five universal banks operating in Estonia. Coop Pank serves 58,300 retail clients via 15 branches and 28 banking points throughout Estonia.
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Editor: Aili Vahtla