Icelandair Group receives strong response to share offer

Icelandair Group has received a strong response to its share offering, with an oversubscription reaching some 85% more than the planned allocation. The offering – initially intended to cover IcKr20b ($147m) in new shares, through separate share batches of IcKr17b and IcKr3b – closed on 17 September. Icelandair Group says there was “strong demand” from both institutional and retail investors, with total subscriptions amounting to IcKr37.3b. As a result the company chose to use its option to increase the number of offered shares to 23b. It says it accepted subscriptions totalling IcKr30.3b and did not need to resort to underwriting. “Existing shareholders who participated in the offering received full allotment in line with their existing stake,” it adds.<br/>