Energy, Energy Market, Financial Services, Lithuania

International Internet Magazine. Baltic States news & analytics Thursday, 24.09.2020, 08:09

Lithuania's Ignitis Grupe to offer shares worth EUR 606 mln at face value in IPO

BC, Vilnius, 17.09.2020.Print version
Lithuania's state-owned energy company Ignitis Grupe is planning to issue 27.142 million new shares with a nominal value of 22.33 euros each in its upcoming initial public offering, with the total value of the new issue at 606.078 million euros, the company said in a statement to the Nasdaq Vilnius Stock Exchange.

The Lithuanian Finance Ministry, which is now Ignitis Grupe's sole shareholder, on Wednesday gave the go-ahead for the company to increase its share capital. 

If the new share issue is fully subscribed, its authorized share capital will increase to 1.818 bn euros and the new shares will account for 33.33%.   

The Finance Ministry authorized the company's management board to set the issue price and the final number of new shares to be issued and subscribed for by specific investors, according to the stock exchange release. 

The ministry also decided to apply for all of Ignitis Grupe's shares to be listed on the blue-chip Main List of Nasdaq Vilnius, and for its GDRs to be admitted to the Official List of the UK Financial Conduct Authority (FCA) and to trading on the London Stock Exchange.

Last week, Ignitis Grupe confirmed its intention to launch an IPO and seek listing in Vilnius and London. It said it expected "the admission to occur in October 2020".

The company said earlier that the IPO would be solely comprised of new shares and it would be looking to have a free float of between 25 percent to 33.33 percent after the deal closes. Lithuania will continue to be the company's majority shareholder, via the Finance Ministry, with an interest of at least 66.67%.

J.P. Morgan Securities, Morgan Stanley & Co. International, Morgan Stanley, Swedbank AB (in cooperation with Kepler Cheuvreux) and UBS Europe SE will act as joint global coordinators and joint bookrunners and BofA Securities Europe SA as a joint bookrunner in the IPO.

Some shares are expected to be offered to retail investors from Lithuania, Latvia and Estonia.

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