Results of initial public offering of ELMO Rent AS shares and allocation of new shares
The initial public offering of ELMO Rent AS shares ended on 14 June 2021 at 16:00.
Up to 120,000 shares were publicly offered by 1313 investors, ELMO Rent AS reserved the right to increase the number of shares offered by 80,000 shares, up to a total of 200,000 shares.
A total of 384,610 shares in the amount of EUR 1,923,050 were subscribed for during the offering, meaning the offering was over-subscribed by 3,2 times.
“The results of our initial public offering demonstrate the investors’ deep confidence in the activities of ELMO Rent and we are extremely glad about it,” commented Enn Laansoo Jr., founder and Member of the Supervisory Board of Elmo Rent AS. “At the same time, such an oversubscription of shares proves that environmentally friendly thinking and green technology solutions are becoming more and more attractive to investors, which gives us further assurance and is the best recognition to the work we have done so far.”
The proceeds from the offering amounting to EUR 1 000 000 will be used to launch the testing of the remote car sharing service, to purchase new electric vehicles and start preparations for entering foreign markets.
“In the coming weeks we plan to come out with news about our next steps which will definitely delight investors,” Laansoo Jr. added.
ELMO Rent AS decided to use the upsizing option and issue 200,000 new shares. The new shares will be allocated to the investors participating in the offer under the following principle:
a) 1 share to each investor who submitted a subscription order – in this way a total of 1 shares will be distributed to 9 investors;
b) 100% of the shares subscribed for by each customer of ELMO Rent who submitted a subscription order – in this way a total of 27,472 shares in the amount of EUR 137,360 will be distributed to investors, which constitutes 13.7% of the initial public offering of the shares;
c) among other investors who subscribed for more than 1 share, distribute in addition to them the number of shares distributed as specified in sub-paragraph (a) in proportion to its subscription order in proportion to the total number of subscriptions, thus allocating a total of 172 519 shares to investors.
The settlement of the offering is intended to take place on or about 17 June 2021. All shares of Elmo Rent AS will be admitted to trading on the multilateral trading facility First North, the first trading day will be on or about 1 July 2021.