The Norwegian government sold 5m shares, representing the total share capital of Oslo Boers, at a price of Nkr95 per share. Oslo Boers' IPO was oversubscribed by 3.2 times, with 250 investors and 70 employees applying to purchase shares. Some 80% of the shareholders are institutional investor, 3% are employees and the remainder are retail buyers. Around 20% of the shares were alloted to foreign investors.
A banker close to the deal said that one reason for the success of the deal is that investors are speculating that Oslo Boers might merge with another exchange. "Investors wanted to know what plans the company had for informal or formal links with other exchanges," he said. However, Oslo Boers has no immediate plans to form alliances with other exchanges.
The shares will begin trading on May 29 over the counter, although they may eventually be listed on the Oslo Exchange. Christiana Markets and Enskilda Securities led the IPO.