Warburg Princus Emgs Ipo

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emgs IPO priced at NOK 135 per share
emgs priced its IPO at NOK 135 per share, at the top of the revised price range of NOK 125135 per share; Very strong investor interest, from both retail and institutional investors, results in the offering being approximately 13x subscribed at the IPO price; Total offering of 19,623,200 shares, representing approximately 26.7% of emgs’ outstanding share capital following the IPO; Over-allotment option granted to the managers for an additional 1,850,000 shares by entities affiliated with Warburg Pincus; Listing application approved by the Board of the Oslo Stock Exchange on 28 March, 2007; Trading expected to commence on the main list of the Oslo Stock Exchange on 30 March, 2007. Oslo, 29 March, 2007 – ElectroMagnetic GeoServices ASA (“emgs”), the global leader in Seabed Logging (“SBL”), announced today that it had priced its initial public offering on the Oslo Stock Exchange at NOK 135 per share. The offering of a total of 19,623,200 shares consisted of 14,123,200 shares sold by current shareholders, including entities affiliated with Warburg Pincus and members of emgs’ management team and Board of Directors, and 5,500,000 shares issued and sold by emgs. The offering raised NOK 2,649 million in gross proceeds, with NOK 743 million received by emgs. Entities affiliated with Warburg Pincus have granted the managers an option, exercisable within 30 days after the closing of the offering, to sell up to an additional 1,850,000 shares to cover overallotments or short positions. In accordance with a resolution passed at emgs’ annual general meeting on 1 March, 2007 to convert the former preference shares of the company into ordinary shares, the Board of Directors also resolved to issue a total of 168,670 shares to former holders of preference shares by way of conversion of accrued dividend entitlements. Following completion of this share issue and the offering, emgs’ total number of shares outstanding will be 73,446,573. The...
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