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Subscription to Coop Pank shares starts on November 18

On Tuesday, Coop Pank disclosed the conditions for an initial public offering (IPO) of its shares and indicated that the subscription period begins on November 18. During the IPO, Coop Pank expects to raise 37 million euros of additional capital to finance its development strategy, issuing up to 32.2 million new shares.

According to the prospectus for the public offering, listing and acceptance for trading of Coop Pank shares, the bank wishes to issue up to 32.2 million new shares during the IPO, bringing the total number of shares up to 94.4 million. In addition to the issue of new shares, as a part of the IPO, some of the existing minority shareholders are to sell a total of up to 14.1 million shares to new investors. As a result, investors will be able to purchase a total of up to 46.3 million shares during the IPO.

Retail and professional investors may indicate their desire to purchase Coop Pank shares during the subscription period, which begins on November 18 and ends on November 29, 2019. The subscription price range for the shares issued shall be 1.15-1.3 euros. As a result, the total volume of the IPO will be about 55 million euros depending on the final offer price.

During the IPO Coop Pank plans to raise an additional equity capital of 37 million euros in order to finance the bank’s development strategy and expansion of business. In the event of a successful IPO, the current equity of 57.3 million euros can be increased to 95.9 million euros.

According to the chairman of the management board of Coop Pank Margus Rink, the bank expects both professional and retail investors to become its shareholders during the IPO. “We want to make a share of Coop Pank a true people’s share, which will be actively traded on the stock exchange and attract many shareholders. During the first years we see ourselves mainly as a growing company, but according to the dividend policy, starting from spring of 2022 the bank is expected to start paying out dividends in the amount of 25% of annual profit,” Rink explained.

Lauri Lind, a spokesman for LHV, which is the financial advisor for the IPO, noted that in case of oversubscription, preference will be given to retail investors and, above all, to Coop Pank customers. “Preferential distribution for retail investors is valid for up to 2,500 shares, and for those who sign up during the first week – for up to 5,000 shares. However, during the IPO, Coop Pank wants to provide its customers with the preferential distribution of up to 10,000 shares,” said Lind.

Following the successful issue of the shares, Coop Pank will be listed on the main list of Nasdaq Tallinn Stock Exchange. According to the plans, Coop Pank shares will first be traded on or about December 9.

The prospectus for the public offering, listing and acceptance for trading is available on websites of Coop Pank and the Financial Supervision Authority at and