May 15 (SeeNews) - Slovenia's Nova Ljubljanska Banka (NLB) and state holding company SDH announced on Monday their intention to proceed with an initial public offering of ordinary shares on the Ljubljana Stock Exchange (LJSE) and global depositary receipts (GDRs) of NLB on the London Stock Exchange (LSE).
Slovenia's government currently owns 100% of the share capital of NLB, the country's largest lender.
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Slovenia and NLB plan to proceed with a public offering of at least 50% of the company’s existing ordinary shares in an institutional offering of ordinary shares on the LJSE and global depositary receipts representing offer shares to be listed on the LSE, and a public offering of offer shares and GDRs in Slovenia, the bank said in a filing with the Ljubljana bourse.
"The company intends to apply to (1) the LJSE for admission of the Shares to trading on the Prime Market sub-segment of the LJSE; and (2) (i) the United Kingdom Financial Conduct Authority, for the GDRs to be admitted to listing on the official list of the United Kingdom FCA and (ii) the London Stock Exchange plc, for admission to trading of the GDRs on the LSE's main market for listed securities", NLB noted.
The plan envisages that 10% of the securities will be offered to retail investors in Slovenia, while 90% will be offered to institutional investors.
The offering is expected to be completed by mid June 2017.
Deutsche Bank AG, London Branch is acting as sole global coordinator and together with J.P. Morgan Securities plc and UBS Limited as joint bookrunners. Wood & Company Financial Services a.s. is acting as co-lead manager and NLB as domestic co-lead manager.
NLB was one of two Slovenian banks - alongside NKBM, to show a minor capital shortfall under the adverse scenario of the stress test conducted by the European Central Bank in October 2014.
In December 2013, the Slovenian government had to step in and recapitalize the country's three biggest lenders - NLB, NKBM and Abanka, narrowly avoiding an international bailout. Earlier this month, SDH said it will sell NLB in two parts by the end of 2018.
Nova Ljubljanska Banka d.d. is among the biggest banks in SEE. You can download our SEE Top 100 ranking
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