Okea extends for smaller, primary-focused Oslo float

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EMEA

Norway’s Okea has revised terms on its ongoing IPO, having extended bookbuilding last week and sounded out investors at a new price.

There is no longer any secondary selling from shareholders and the number of primary shares has reduced. A new price of NKr21 per share, from NKr25-NKr33 previously, was confirmed today. Investors were given revised pricing of NKr20 last week.

The bookbuild has been extended until 3:30pm London time on Friday and the revised deal is covered on the full deal size.

Okea, which acquires and operates underdeveloped oil fields on the Norwegian continental shelf, said it will issue 10m-15m shares instead of 26m originally and secondary selling of 4.18m shares. The 15% greenshoe is now all primary, making a base deal of NKr210m-NKr315m (US$24m-$36m). The free-float will be 25%-34%.

The company’s market capitalisation could therefore be less than the NKr755m-NKr996m to be raised for the company and selling shareholders under the original deal structure.

Pareto Securities, SEB and SpareBank 1 Markets are bookrunners.

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