Telenor announces details of its forthcoming IPO
Fornebu
5 minute read
At a press conference in Oslo on November 10, 2000, the Norwegian Ministry of Trade and Industry and Telenor announced further details in relation to the Companys forthcoming IPO.
Structure of the Global Offering
The Global Offering will be comprised of 372,151,899 Ordinary Shares, arising solely from a capital increase. The underwriters have also been granted an over-allotment option representing 15% of the Global Offering, excluding the Norwegian retail offering, from the Ministry of Trade and Industry.
At the midpoint of the indicative price range, NOK 59 per Ordinary Share, the total Global Offering (excluding the over-allotment option) would raise a total of NOK 22.0 billion (or US $ 2.35 billion) in the form of new shares, with the full proceeds accruing to Telenor. The new shares will represent approximately 21% of the outstanding share capital of the Company after the Global Offering.
The Global Offering will be structured as follows:
* an offering to retail investors in Norway in the form of Ordinary Shares;
* an offering to institutional investors in Norway in the form of Ordinary Shares;
* a public offering in the United States in the form of Ordinary Shares or ADSs, where each ADS will represent three Ordinary Shares;
* an offering to institutional investors outside of the United States and Norway in the form of ordinary shares or ADSs.
Approximately 79% of the outstanding share capital of Telenor will be owned by the Kingdom of Norway following the Global Offering. This will be reduced if the underwriters exercise the over-allotment option, whereby the Kingdom of Norway would sell shares representing up to 15% of the Global Offering, excluding the Norwegian retail offering.
Norwegian Retail Offering
Incentives will be offered to retail investors in Norway. These will take the form of bonus shares - on the basis of 1 share for every 10 bought in the offer and held continuously through 3rd December 2001, a 12 month period, and a discount of NOK 2 per share to the final offer price to be paid by investors in the rest of the Global Offering. Incentives will be allocated on the first NOK 25,000 of shares applied for, and will be capped at this level. All applications up to this level will be guaranteed full allocation, with all allocations being carried out on a fair and transparent basis. The minimum retail application is NOK 5,000.
Additionally, and as part of the Norwegian Retail Offering, shares will be offered to employees of Telenor and selected subsidiaries.
Companies and other legal entities will not be entitled to receive incentives.
Timetable
Subject to market conditions, the timetable for the IPO is as follows:
* Roadshow and bookbuilding period commences Monday, 13th November
* Retail subscription period commences Friday, 17th November
* Retail subscription period ends Thursday, 30th November
* Roadshow and bookbuilding period ends Friday, 1st December
* Offer price/allocations expected to be announced Sunday, 3rd December
* Listing and commencement of trading Monday, 4th December
Syndicate
Goldman Sachs International and DnB Markets are Joint Global Co-Ordinators for the offering. The sale of shares in Norway will be lead managed by DnB Markets and Christiania Markets, and Goldman Sachs International is the international lead manager.
A copy of the prospectus for use in the United States can be obtained from:
Goldman, Sachs & Co.,
Registration Department
85 Broad Street
New York, New York 10004
The Global Offering will be comprised of 372,151,899 Ordinary Shares, arising solely from a capital increase. The underwriters have also been granted an over-allotment option representing 15% of the Global Offering, excluding the Norwegian retail offering, from the Ministry of Trade and Industry.
At the midpoint of the indicative price range, NOK 59 per Ordinary Share, the total Global Offering (excluding the over-allotment option) would raise a total of NOK 22.0 billion (or US $ 2.35 billion) in the form of new shares, with the full proceeds accruing to Telenor. The new shares will represent approximately 21% of the outstanding share capital of the Company after the Global Offering.
The Global Offering will be structured as follows:
* an offering to retail investors in Norway in the form of Ordinary Shares;
* an offering to institutional investors in Norway in the form of Ordinary Shares;
* a public offering in the United States in the form of Ordinary Shares or ADSs, where each ADS will represent three Ordinary Shares;
* an offering to institutional investors outside of the United States and Norway in the form of ordinary shares or ADSs.
Approximately 79% of the outstanding share capital of Telenor will be owned by the Kingdom of Norway following the Global Offering. This will be reduced if the underwriters exercise the over-allotment option, whereby the Kingdom of Norway would sell shares representing up to 15% of the Global Offering, excluding the Norwegian retail offering.
Norwegian Retail Offering
Incentives will be offered to retail investors in Norway. These will take the form of bonus shares - on the basis of 1 share for every 10 bought in the offer and held continuously through 3rd December 2001, a 12 month period, and a discount of NOK 2 per share to the final offer price to be paid by investors in the rest of the Global Offering. Incentives will be allocated on the first NOK 25,000 of shares applied for, and will be capped at this level. All applications up to this level will be guaranteed full allocation, with all allocations being carried out on a fair and transparent basis. The minimum retail application is NOK 5,000.
Additionally, and as part of the Norwegian Retail Offering, shares will be offered to employees of Telenor and selected subsidiaries.
Companies and other legal entities will not be entitled to receive incentives.
Timetable
Subject to market conditions, the timetable for the IPO is as follows:
* Roadshow and bookbuilding period commences Monday, 13th November
* Retail subscription period commences Friday, 17th November
* Retail subscription period ends Thursday, 30th November
* Roadshow and bookbuilding period ends Friday, 1st December
* Offer price/allocations expected to be announced Sunday, 3rd December
* Listing and commencement of trading Monday, 4th December
Syndicate
Goldman Sachs International and DnB Markets are Joint Global Co-Ordinators for the offering. The sale of shares in Norway will be lead managed by DnB Markets and Christiania Markets, and Goldman Sachs International is the international lead manager.
A copy of the prospectus for use in the United States can be obtained from:
Goldman, Sachs & Co.,
Registration Department
85 Broad Street
New York, New York 10004