Genetic Analysis AS: IPO prior to listing was significantly oversubscribed
OSLO, NORWAY - 15 September 2021: On 13 September 2021, the subscription period in Genetic Analysis AS (“GA” or “the Company”) issue of units (“the IPO”) prior to the planned listing on Spotlight Stock Market (“Spotlight”) ended. The IPO targeted NOK 60 million, of which NOK 48 million were pre-subscribed. Total subscriptions amounted to approximately NOK 99 million, corresponding to a subscription ratio of approximately 165 percent.
An extraordinary general meeting on 20 September 2021 will formally decide on the IPO. The Company will thus receive approximately NOK 60 million before issue costs amounting to approximately NOK 5.4 million. Through the IPO, the Company will receive approximately 1200 new shareholders. The first day of trading in Genetic Analysis on Spotlight Stock Market is expected to be on 1 October 2021.
CEO Ronny Hermansen comments
"We would like to thank everyone who participated in the IPO, and we are very grateful for the strong interest in GA, as shown in this funding. GA has initiated a growth plan for the coming years, and with the support of the IPO, we will be able to expand the commercialization of the current product portfolio within IBS / IBD in the EU and the US. Based on the competitive advantages that a standardized clinical diagnostic platform will have in the microbiota field, compared to the current research-based tools, and the huge number of potential patients, we assess that the market and the opportunities for Genetic Analysis technology is significant.”
Subscription and allocation
The IPO was subscribed for a total of approximately NOK 99 million, including pre-subscription commitments, corresponding to a subscription ratio of approximately 165 percent. GA will be provided approximately NOK 60 million before issue costs, which are estimated to amount to approximately NOK 5.4 million. Through the IPO, GA will add approximately 1200 new shareholders.
The Board has conditionally decided on the allocation of units in advance of an extraordinary general meeting on 20 September 2021, in accordance with the principles stated in the prospectus. Subscribers who have been allocated units in the issue will have payments for the allocated amount drawn from their accounts on 16 September 2021.
First trading day
The first day of trading is dependent on the Norwegian Companies Registration Office's registration of the capital increase. The first day of trading in GA shares and warrants of series TO 1 and TO 2 on Spotlight is scheduled for 1 October 2021. The share will be traded under the short name/ticker code “GEAN” and the share's ISIN code is NO0010692130, warrants of series TO 1 will be traded under the short name “GEAN TO 1”, ISIN code NO0011054223 and warrants of series TO 2 will be traded under the short name “GEAN TO 2”, ISIN code NO0011054231.
Financial advisor, legal advisor and issuing agent
Sedermera Fondkommission is the Swedish financial advisor and Advokatfirmaet Wiersholm AS is the Norwegian legal advisor to GA in connection with the IPO and listing. DNB Bank ASA acts as Issuing Agent.
For more information about the IPO and the planned listing, please contact:
Phone: +46 (0) 40 615 14 10
This disclosure contains information that Genetic Analysis AS is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 15.09.2021.