But in a rare example of a firm going ahead with a listing during the crisis, Pexip intends to sell 17 million new shares at 63 Norwegian crowns each. Existing shareholders plan to sell another 17 million shares at the same price, taking the total to be raised in the IPO to 2.142 billion crowns.
Ostlie admitted, however, that the market volatility had scared him a bit, but “massive interest” since Pexip first announced its intention to list last week helped soothe nerves. Funds advised by Capital Research and Management Company, Wasatch Global Investors, DNB Asset Management and TIN Fonder have committed to subscribe to 1 billion crowns of shares in the IPO.“We did the very first early look meetings back in January and February live, then we switched to all video meetings,” said Peter Straume, managing partner and chief executive of ABG Sundal Collier Norway, one of the joint global coordinators along with Carnegie and Pareto Securities.