The Board of Directors of Selvaag Bolig ASA decided over the weekend to go forth with the plans described earlier in the company prospectus and other relevant documents pertaining to the contemplated initial public offering of IPO. An institutional and retail offering of over 25 million new shares (par value of 2 NOK) at 20 NOK per share and an employee offering at a discount, is set to net gross proceeds of at least 500 million NOK. Oslo Bors has agreed the listing of the company no later than 6th of July 2012 under ticker SBO.
The great majority of the shares were allotted to institutional investors and following the offering there will be more than 500 shareholders, fulfilling listing requirements. Family owned Selvaag Gruppen founded some 60 years ago by Olav Selvaag is allotted a small majority of the shares. The residential developer that currently provides housing solutions in main cities of Norway aims to use the proceeds to finance further growth with prime focus in Oslo, Stavanger, Bergen and Stockholm. Over time it foresees expansion into other selected cities in Scandinavia.
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