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Linc AB (publ) (“Linc” or the “Company”), a leading Nordic life science investor, today announces the outcome of the initial public offering of its shares on Nasdaq Stockholm (the “Offering”). The Offering attracted very strong interest from large Swedish and international institutional investors as well as the general public in Sweden. The Offering was substantially oversubscribed. As a result of the Offering, Linc will have more than 40,000 shareholders.
The Offering in brief
- The price in the Offering has been set at SEK 67.0 per share, at a premium in relation to Linc’s net asset value of 9.7 per cent as per 26 May 2021.
- The price corresponds to a total market value of all outstanding shares of the Company of approximately SEK 3,880 million after the completion of the Offering.
- The Offering comprises 17,910,447 newly issued shares, corresponding to approximately 30.9 per cent of the total number of shares and votes in Linc after the completion of the Offering.
- The newly issued shares are expected to provide the Company with proceeds of approximately SEK 1,200 million before deductions for transaction costs.
- In order to cover any over-allotments in the Offering, Linc's principal shareholder and Chairman of the Board Bengt Julander (the “Principal Shareholder”) has undertaken to sell existing shares to a value of approximately SEK 150 million before deduction of costs related to the Offering, which corresponds to 2,238,805 existing shares and 12.5 per cent of the number of shares covered by the Offering (the "Overallotment Option").
- Provided that the Overallotment Option is fully exercised, the Offering comprises 17,910,447 newly issued shares and 2,238,805 existing shares, which corresponds to approximately 34.8 per cent of the total number of shares and votes in Linc after the completion of the Offering.
- Danica Pension Livsforsikringsaktieselskab, Enter Fonder, Funds managed or advised by by Capital World Investors, Handelsbanken Fonder, Kapitalforeningen Investering & Tryghed, Nordea Investment Management and Swedbank Robur have acquired shares in the Offering corresponding to an aggregate value of approximately SEK 827 million and approximately 61.3 per cent of the Offering, including the Overallotment Option.
- Trading in Linc’s shares on Nasdaq Stockholm commences 28 May 2021 under the trading symbol “LINC”.
- Settlement is expected to take place on 1 June 2021.
Karl Tobieson, CEO, comments:
“We have experienced great interest in Linc and had many positive interactions and dialogues with potential investors. It is with great joy, enthusiasm and humility that we now embark on the next stage in Linc’s development, together with our new shareholders, strengthened by our strong track record.”
Bengt Julander, Chairman, Founder and main owner, comments:
“Due to the great interest in Linc and the positive feedback received from investors we are pleased to welcome our new shareholders. We are very proud of the great interest from cornerstones, other institutional investors and the public in Sweden and we view this as an appreciation of our strong track record as an investor and we look forward to let the new shareholders to be a part of our continued journey.”
Skandinaviska Enskilda Banken AB (publ) (“SEB”) may, in its role as stabilization manager, in connection with the Offering, conduct transactions in order to maintain the market price for the shares at a level above that which might otherwise prevail in the open market. Such stabilization transactions may be carried out on Nasdaq Stockholm, in the over-the-counter market or otherwise, at any time during the period starting on the date of commencement of trading in the shares on Nasdaq Stockholm and ending not later than 30 calendar days thereafter. However, SEB has no obligation to undertake any stabilization measures and there is no assurance that stabilization measures will be undertaken. Under no circumstances will transactions be conducted at a price higher than the one set in the Offering.
The Overallotment Option may be utilized to over-allot shares in order to facilitate any stabilization transaction. The stabilization transactions, if conducted, may be discontinued at any time without prior notice but must be discontinued no later than within the aforementioned 30-day period. SEB must, no later than by the end of the seventh trading day after stabilization transactions have been undertaken, in accordance with article 5(4) of the Market Abuse Regulation (EU) 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, disclose that stabilization measures have been undertaken. Within one week of the end of the stabilization period, SEB will disclose whether or not stabilization measures were undertaken, the date on which stabilization started, the date on which stabilization was last carried out as well as the price range within which stabilization was carried out for each of the dates when stabilization measures were conducted.
SEB is acting as Global Coordinator and Joint Bookrunner in connection with the Offering and ABG Sundal Collier (“ABGSC”) is acting as Joint Bookrunner. The law firm Hammarskiöld & Co AB is acting as legal advisor to Linc AB and White & Case Advokat AB is acting as legal advisor to SEB and ABGSC. SEB and Avanza Bank AB (publ) are acting as Retail Distributors in connection with the Offering.
For more information, please contact:
Karl Tobieson, CEO
Mobile: +46 (0)70 935 85 74
Thomas Bergh, CFO
Mobile: +46 (0)72 231 45 00
Johan Hähnel, Responsible for investor relations
Mobile: +46 (0)70 605 63 34