Tallinn, Estonia, 2016-09-26 08:00 CEST (GLOBE NEWSWIRE) --
The public offering of the subordinated bonds of Inbank ended on Friday, 23 September. Bonds were subscribed for in the amount of 11.089 million euros, which means an over-subscription of the planned volume of issue by nearly 6.1 million euros.
698 investors participated in the subscription and the average amount of subscription was 15 253 euros. Due to over-subscription Inbank used the opportunity to increase the volume of the issue from the initial 5 million euros to 6.5 million euros.
60% of investors received the quantity of bonds they had requested and 40% of investors received fewer bonds than subscribed for due to over-subscription. According to the prospectus, bonds in requested amounts are given to the existing bond investors of Inbank, which comprises 865 000 euros or 13.3 % of the total value of the issue.
As for other investors, Inbank fully satisfied all subscriptions of up to 5,000 euros. An additional 41.58% was distributed to those who had subscribed for more than 5,000 euros in the amount that exceeded 5,000 euros. The quantity of the bonds distributed to investors was rounded up to the closest whole number.
According to the Chairman of the Supervisory Board of Inbank Priit Põldoja, the issue achieved its goal. “Firstly, we achieved our goal to include enough capital to support our rapid growth and secondly, we managed to earn the trust of hundreds of small investors,” he said. “We would like to thank the investors for their contribution to the development of Inbank.”
Upon meeting the stock exchange conditions, Inbank’s bonds will be listed at the Tallinn Stock Exchange as of 3 October, which will make them freely tradable. “I believe that the listing of the bank’s bonds will not only help Inbank develop into a public company, but boost the Estonian capital market in general,” said Põldoja.
The subscription period of Inbank’s subordinated bonds lasted from 12 to 23 September and the offered interest rate was 7% per year. The bonds will be transferred to the securities accounts of investors on 28 September. The raised funds will be used to strengthen the capital structure of Inbank and expand its activities to foreign countries. Further information about the bond issue of Inbank is available online at www.inbank.ee/investor.
The investors who subscribed for the bonds via investment accounts should fill in the application form on Inbank’s website to receive the interest payments in the full amount.
Jan Andresoo
Inbank AS
CEO
jan.andresoo@inbank.ee
Nasdaq Baltic
Issuer Services
+372 640 8800
www.nasdaqbaltic.com
Nasdaq Baltic is a common name for exchanges, regulated markets, alternative markets First North operated by Nasdaq companies in the Baltic states, i.e. Nasdaq Tallinn AS, Nasdaq Riga AS and AB Nasdaq Vilnius.