LHV Pank informed Coop Pank that it carried out no market stabilization transactions in connection with Coop Pank shares on the latter's first day of trading on Tuesday.
"Coop Pank is hereby informing that it has received a letter from AS LHV Pank stating that on the first day of trading of Coop Pank shares, no market stabilization transactions were carried out by AS LHV Pank," Coop Pank told the Tallinn Stock Exchange (TSE).
Coop Pank made its debut on the TSE on Tuesday. The share closed at €1.095, 4.8 percent lower than the initial public offering (IPO) price of €1.15. A total of 651 transactions were registered with a total turnover of €592,100.
LHV Pank was the organizer of Coop Pank's IPO. As the party organizing stabilization, LHV Pank may conduct stabilization transactions on the stock exchange or off the market at any time within 30 calendar days of the start of trading in Coop Pank shares on the TSE.
Stabilization is the supporting of the price of the share by the organizer of the issue following the IPO. Should demand for shares turn out to be lower than expected, the organizers of the issue may buy back shares for the issuer at the issue price.
The Estonian capital-based Coop Pank is one of five universal banks operating in Estonia. Coop Pank serves 61,900 retail clients via 15 bank branches and 24 banking points throughout Estonia.
Editor: Aili Vahtla