APS Bank said on Monday that applications for its shares were more than twice what it had offered and it is scaling down preferred applicants in favour of the general public.
In a statement, is announced the allocation policy in respect of applications received for its Initial Public Offering (IPO) of 110,000,000 new shares (including 10,000,000 new shares issued as a result of over-allotment), at the price of €0.62 per share.
As explained in the prospectus, an aggregate amount of 69,681,981 shares were pre-allocated to certain investors pursuant to pre-allocation agreements between the bank, the registrar and each relevant applicant and/or authorised intermediary. The remaining balance of 40,318,019 shares, comprising those under the over-allotment option, was made available for subscription by preferred applicants and the general public, attracting applications for a total of 101,611,740 shares.
The bank said its board of directors considered that all applications should be met in a way that ensures smaller investors are not crowded out of the investment process. For this purpose, a scaling down of preferred applicants in favour of the public is being made so that a balanced allocation outcome would be reached.
516 applications for a total of 15,578,761 shares were received from preferred applicants. Of these, applications up to and including 25,000 new shares will be satisfied in full. In the case of applications above 25,000 new shares, the first 25,000 new shares will be accepted in full along with 50% of the balance. Overall, 72.86% of the total amount applied for by preferred applicants will be satisfied and allocated.
The bank said the general public submitted 4,430 applications for a total of 86,032,979 shares. The bank shall be satisfying all applications up to and including 5,000 new shares in full. For applications above 5,000 new shares, the first 5,000 new shares will be accepted in full and 13.5139% of the balance. Overall, 33.67% of the total amount applied for by the general public will be satisfied and allocated.
The shares will be listed on the Malta Stock Exchange on Friday 17 June 2022 and trading will commence on Monday 20 June 2022.