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Strong interest towards Altia’s shares among both domestic and international investors – the IPO was oversubscribed

Government Communications Department
Publication date 22.3.2018 15.02 | Published in English on 27.3.2018 at 11.51
Press release 147

There was strong interest towards Altia Plc’s share sale among both domestic and international investors, especially among the Finnish general public. Approximately 16,500 private individuals and entities submitted a subscription commitment in the public share sale. In the institutional share sale, subscription commitments were received not only from Finland but also from abroad, in particular from the Nordic countries and the United Kingdom.

The final sale price in the share sale is EUR 7.50 per share. The sale price was determined on the basis of the institutional investors’ subscription offers. In the share sale, the State of Finland is selling a total of 20,000,000 shares. In addition, there is an over-allotment option consisting of up to 3,000,000 shares associated with the share sale. On the basis of the sales offers, 6,000,000 shares will be allocated to private individuals and entities and 17,000,000 shares to institutional investors, assuming that the over-allotment option is fully exercised.

With the State’s decision, the public share sale volume was increased, due to good demand, from the preliminary 4,000,000 shares to a total of 6,000,000 shares. As a result, taking the over-allotment option into account, 26.1 per cent of shares are allocated to private individuals and entities. The subscription commitments given in the public share sale will be accepted in full up to 200 shares and for approximately 57.3 per cent of the subscription commitments exceeding this amount. The majority of private individuals and entities will receive the number of shares they have subscribed.

After the share sale and the listing, the State of Finland will own approximately 36 per cent of Altia’s shares, taking the over-allotment option into account. After the share sale, private individuals and entities in Finland will own approximately 17 per cent of the company’s shares and institutional investors approximately 47 per cent, taking the over-allotment option into account.

Trading on Altia’s shares will commence on the prelist tomorrow, Friday 23 March 2018 at 10:00 a.m. and the actual trading will begin on the official list of the Helsinki Stock Exchange on 27 March 2018. The institutional share sale ended and the sale price of the shares was decided today, 22 March 2018.

In October 2017, the State of Finland announced that it would investigate the possibility of listing the company’s shares and in February 2018, it announced that the listing would be carried out. From the outset, the State of Finland has considered it important that the company’s owners include the Finnish public, Finnish and foreign institutions, the company’s personnel and the company’s extensive cooperation network.

− One of the Finnish Government’s key goals is to strengthen domestic ownership. I’m happy and satisfied that in the Altia’s IPO, especially the Finnish general public contributes strongly to the company’s operational preconditions, growth and development. The foundation of the company’s business is in Finland, in domestic raw materials and production. Rajamäki and Koskenkorva, the locations of the company’s most significant production facilities, are household names in Finland, symbolising the crucial importance of the extensive contract farmer network and other domestic cooperation partners for the company’s competitiveness, comments Minister of Economic Affairs Mika Lintilä, responsible for Ownership Steering.

As Altia has operated independently in an internationally competitive environment for years, the listing was a natural next step in the company’s growth and development in Finland and internationally. The listing offers the company better opportunities to respond to the constantly fiercer competition. In addition, it provides the company with an access to capital markets, broadens the ownership base in the company, provides the general public and professional investors with an opportunity to invest in the company, increases the transparency of the company’s business as well as the awareness of and interest towards the company among stakeholders.

For more information, please contact:
Markku Rajala, Special Adviser to Mika Lintilä, Minister responsible for Ownership Steering, tel. +358 295 047 480, [email protected], Jyrki Knuutinen, Director General, tel. +358 295 160 215, [email protected], Jarmo Väisänen, Senior Financial Adviser, tel. +358 295 160 162, [email protected], Prime Minister's Office.