ABGSC acted as Global Coordinator and Joint Bookrunner in the NOK 2.4bn IPO of Pexip ASA – Scandinavia’s largest software IPO ever.

Pexip announced on Tuesday 12 May 2020 the successful completion of its initial public offering (IPO) with trading on Oslo Børs commencing on 14 May 2020.
The IPO was solely marketed virtually over the Pexip videoconferencing platform enabling management to reach a far wider audience more efficiently, whilst simultaneously achieving a great meeting conversion rate. This is the first IPO ever to be solely marketed virtually, making it a milestone transaction set to transform the IPO marketing process going forward. The transaction attracted strong interest from a global investor base, and was more than 20 times oversubscribed excluding shares pre-allocated to cornerstone investors.
The shares in the IPO were priced at NOK 63.00 per share, equivalent to a market capitalization of approximately NOK 6.3 billion making it the largest Scandinavian software IPO ever. Pexip will issue 17 million new shares in the IPO, raising gross proceeds of approximately NOK 1.1 billion, and certain existing shareholders will sell 17m shares. In addition, 4m shares was over-allotted (~12% of base deal), resulting in a total IPO transaction size of NOK 2,394 million. Following completion of the IPO, Pexip will have in excess of 7,000 shareholders and a free float of approximately 80%.