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Subscription Results of AS LHV Group IPO

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The public offering of AS LHV Group shares was concluded on Monday.  In total
5485 investors participated in the offering subscribing altogether 6.6 million
shares in the amount of EUR 46.2 million. This makes the IPO over-subscribed
3.3 times. 

LHV Group decided to allocate shares to all investors who subscribed up to 200
shares in full. To all investors who subscribed to more than 200 shares LHV
will allocate as a percentage of the exceeding amount: 

  -- 28.76% but not more than 20,000 shares if the investors are existing
     investors,
  -- 19.38% but not more than 20,000 shares if the investors are clients of LHV,
     and
  -- 10% but not more than 20,000 shares to all remaining investors.

43.7% of 5485 subscribers received shares in the desired amount. 56.3% of the
investors received less than they subscribed. 

According to Erkki Raasuke, CEO of LHV Group, the offering was a very
successful one. “Our aim is to shape LHV into a publicly traded company with
the biggest possible pool of shareholders. The concluded issue was an important
step along the way. In terms of investor numbers we will be the second largest
company listed on Nasdaq Tallinn Stock Exchange. 

In the allocation process we were guided by the principle that all investors
who participated in the subscription are welcome as investors. In terms of
quantity of allocated shares, we preferred firstly existing shareholders and
subordinated bond investors, the same way as was done during previous issues.
According to the subscription results previous investors could have provided
the full issue size, but this was not our goal. 

Secondly we preferred clients of LHV because they have contributed to building
our business and developing products. To new investors we allocated 10% of
their subscriptions that exceeded 200 shares. All in all 31% of new shares went
to existing investors, 55% went to clients of LHV and 14% were allocated to new
investors,” Erkki Raasuke commented. 

The first public offering of LHV shares took place on 2–16 May. The issue size
was 2,000,000 new shares with subscription price of EUR 6.95 per share. The EUR
13.9 million raised will be used to grow LHV’s business volumes. The shares
will be issued on 20 May and listed on Nasdaq Tallinn Stock Exchange on next
Monday, 23 May at 10 AM. 

An overview has been added to the announcement.

LHV Group is the largest domestic financial group and capital provider in
Estonia. LHV Group's key subsidiaries are AS LHV Pank and AS LHV Varahaldus.
LHV employs over 250 people and about 90,000 customers use LHV’s banking
services. Pension funds managed by LHV have over 170,000 customers. 


         Priit Rum
         Communication Manager
         Phone: +372 502 0786
         Email: [email protected]