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IPO

Harvia was listed on Nasdaq Helsinki in 2018.

A feel-good investment

Harvia was listed on Nasdaq Helsinki in 2018. 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.

The objective of the Initial Public Offering (IPO) was to improve the company’s ability to implement its strategy successfully, provide access to the capital markets, and strengthen the company’s capital structure as well as increase Harvia’s recognition among customers and attractiveness as an employer. The listing also broadened the company’s ownership base, increased the liquidity of the shares in the company, and enabled the use of the company’s shares as a means of consideration in potential acquisitions and remuneration of key personnel.

The IPO in brief

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 EUR 5.00 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 among Finnish and international investors, and the IPO was oversubscribed.

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 were allocated to the parties entitled to subscribe in the personnel offering. The subscription price per share in the personnel offering was 10 percent lower than the final subscription price, i.e. EUR 4.50 per offer share.

The new shares issued in the IPO corresponded to approximately 48.2 percent and the sale shares corresponded to approximately 6.7 percent of the company’s shares and votes immediately after the IPO. The number of shareholders after the IPO increased to approximately 2,000 shareholders.