APS Bank announces IPO allocation policy

Last Updated on Tuesday, 14 June, 2022 at 10:12 am by Andre Camilleri

APS Bank plc on Monday announced the Allocation Policy in respect of applications received for its Initial Public Offering (IPO) of 110,000,000 new shares (including the 10,000,000 new shares issued as a result of over-allotment), at the price of €0.62 per share.

As explained in the Prospectus and already announced, an aggregate amount of 69,681,981 shares were pre-allocated to certain investors pursuant to Pre-Allocation Agreements between the Bank, the Registrar and each relevant Applicant and/or Authorised Intermediary. The remaining balance of 40,318,019 shares, comprising those under the over-allotment option, was made available for subscription by Preferred Applicants and the General Public, attracting applications for a total of 101,611,740 shares.

In determining the allocation criteria, the Board of Directors considered that all applications should be met in a way that ensures smaller investors are not crowded out of the investment process, the bank said in a statement. For this purpose, a scaling down of Preferred Applicants in favour of the General Public was also required so that a balanced allocation outcome would be reached.

516 applications for a total of 15,578,761 shares were received from Preferred Applicants. Of these, applications up to and including 25,000 New Shares will be satisfied in full and for applications above 25,000 New Shares, they will receive up to the first 25,000 New Shares in full and 50% of the balance. Overall, 72.86% of the total amount applied for by Preferred Applicants will be satisfied and allocated.

The General Public submitted 4,430 applications for a total of 86,032,979 shares. The Bank shall be satisfying all applications up to and including 5,000 New Shares in full; and for applications above 5,000 New Shares, they will be receiving up to the first 5,000 New Shares in full and 13.5139% of the balance. Overall, 33.67% of the total amount applied for by the General Public will be satisfied and allocated.

The shares will be listed on the Malta Stock Exchange on Friday 17 June 2022 and trading will commence the next business day, i.e. Monday 20 June 2022. The Board of Directors thanks the investing public for such a massive show of confidence in APS Bank. Special thanks also go to all those who worked hard to ensure the success of the IPO: the staff, Joint Sponsors and Managers, Rizzo, Farrugia & Co. and Curmi & Partners, Legal Counsel Ganado Advocates, the Registrar, Malta Stock Exchange plc, the Authorised Intermediaries, PR and media partners and the Malta Financial Services Authority, for their support and cooperation.

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