New Icelandic airline, PLAY, has reported a very successful share offering that closed on June 25.
PLAY offered 221,906,800 new issued shares in two separate offer books.
Approximately 4600 subscriptions were received for in total ISK 33.8bn (US$274m): Book A subscriptions were made for in total ISK6.7bn (US$55m) at a fixed rate of ISK18 per share; Book B subscriptions were made for in total ISK27.0bn (US$220m), with the final offer rate of ISK20 per share.
The offering was managed by Arctica Finance, as lead financial advisor, and Arion banki as joint-financial advisor.
Trading of the shares of Play on Nasdaq First North is expected to commence on 9 July 2021.
Birgir Jónsson, the CEO of PLAY, stated after a successful IPO that the week will long be remembered as the biggest day for PLAY. “This is a defining moment in PLAY‘s history with our inaugural flight yesterday which was a huge achievement by itself but also because today PLAY successfully concluded its IPO. Our staff has worked wonders over the past few days, and indeed weeks. We are well prepared to maximize the post-covid opportunity and we believe our investors have placed their trust in us as we have shown the resilience that is needed in this market. To add to the joy of today the Icelandic government finally declared Iceland free of any pandemic restrictions from midnight onwards. I think we can allow us some optimism now that we can start rebuilding Iceland’s tourism, and the world’s.”