A FEEL-GOOD INVESTMENT
Harvia Plc’s (“Harvia” or the “Company”) Initial Public Offering (“IPO”) was oversubscribed and the IPO was completed as planned.
The IPO consisted of share issue and share sale. Harvia received gross proceeds of approximately EUR 45 million by issuing altogether 9,014,436 new shares. In addition, Funds managed by CapMan and certain other existing shareholders sold 1,250,729 shares.
The final subscription price of the offer shares in the institutional offering and public offering was 5.00 EUR per offer share corresponding to a market capitalization of approximately EUR 93.5 million immediately following the IPO. The demand of the IPO was strong and the IPO was oversubscribed.
Trading with the Company’s share commenced on 22 March 2018 on the Pre-list of Helsinki Stock Exchange and on 26 March 2018 on the official list of the Helsinki Stock Exchange.
870,000 offer shares were allocated to private individuals and entities in Finland, 10,789,917 offer shares were allocated to institutional investors in Finland and internationally assuming full exercise of the Over-allotment option of 1,539,109 granted by CapMan and 144,357 offer shares was allocated to the parties entitled to subscribe in the personnel offering. The subscription price per share in personnel offering was 10 per cent lower than the final subscription price i.e. EUR 4.50 per offer share.
The new shares issued in the IPO correspond to approximately 48.2 per cent of the Company’s shares and votes immediately after the IPO. The sale shares correspond to approximately 6.7 per cent of the Company’s shares and votes immediately after the IPO. The number of shareholders after the IPO increased to approximately 2,000 shareholders.
|The subscription period of the Offering began||9 March 2018|
|Trading in the Shares commenced on the Prelist of the Helsinki Stock Exchange on||22 March 2018|
|Trading in the Shares commenced on the official list of the Helsinki Stock Exchange on||26 March 2018|
Harvia in brief
Harvia is one of the leading manufacturers of sauna and spa products globally1. The Company’s brands and product offering are well-known in the market2 and the company’s comprehensive product offering strives to meet the needs of the international sauna and spa market, and of both private and professional customers. Harvia’s product offering covers all three sauna types: traditional sauna, steam sauna and infrared sauna. The company product offering includes products and supplies from sauna heaters and components to full sauna solutions.
Harvia’s revenues amounted to EUR 60.1 million in 2017, its operating profit was EUR 9.3 million and adjusted operating profit EUR 10.7 million during the same period.
¹ International Management Consultant Analysis conducted in Autumn 2017 and commissioned by Harvia.
² The Harvia brand was the most recognised sauna brand in a survey of 171 Finnish consumers, and in a survey of Finnish, Swedish, German Russian and American consumers (altogether 810 consumers) based on International Management Consultant Analysis conducted in autumn 2017 and commissioned by Harvia.
The Initial Public Offering in brief
The objective of the IPO is to improve the company’s ability to implement its strategy successfully and provide access to the capital markets and strengthen the company’s capital structure as well as increase the Harvia’s recognition among customers and attractiveness as an employer. The listing would also broaden the company’s ownership base, increase the liquidity of the shares in the company and enable the use of the company’s shares as means of consideration in potential acquisitions and remuneration of key personnel.
The Company expects to use the net proceeds from the offering to support the company’s strategy and strengthen its capital structure by way of repaying the principal and accrued interests of the shareholder loans that mature prematurely at the completion of the listing. A strengthened capital structure will enable the Company to promote its growth strategy in the future.
Harvia Plc – Offering Circular 8 March 2018
The offering circular is also available as a print version during normal office hours at the company’s office Teollisuustie 1-7 40950 Muurame, from the branch offices of Danske Bank as well as from the reception of Helsinki Stock Exchange, Fabianinkatu 14, 00100 Helsinki.
STOCK EXCHANGE RELEASE 27 March 2018 — Correction to a table in Harvia Plc’s ten largest shareholders after the completion of the Initial Public Offering published on 27 March 2018
STOCK EXCHANGE RELEASE 27 March 2018 — Harvia Plc’s ten largest shareholders after the completion of the Initial Public Offering
STOCK EXCHANGE RELEASE 21 March 2018 — Harvia Plc’s Initial Public Offering has been oversubscribed and the final subscription price is EUR 5.00 per share
STOCK EXCHANGE RELEASE 9 March 2018 — Harvia Plc applies for its shares to be listed on the official list of Nasdaq Helsinki Ltd
PRESS RELEASE 9 March 2018 — Finnish Financial Supervisory Authority has approved Harvia Plc’s listing prospectus
PRESS RELEASE 8 March 2018 — Harvia Plc announces the preliminary price range for its planned initial public offering and further information about the listing of its shares on the Nasdaq Helsinki Ltd official list
PRESS RELEASE 5 March 2018 — Harvia is planning an initial public offering and listing on the official list of Nasdaq Helsinki Ltd