MULTITUDE SE Ferratum Oyj / Ferratum Oyj : Offer period for IPO starts on 22 January 2015 . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.
- Ferratum is an international provider of mobile consumer loans with extensive expertise in the field of "Mobile Banking Services"
- Offer of up to 6,517,188 ordinary shares with no nominal value in a price range between EUR 15 and EUR 18
- Gross proceeds of EUR 107.5 million (based on the middle of the price range if all offered shares are placed)
- Thereof gross proceeds of EUR 46.8 million and net proceeds of EUR 44.6 million would flow to Ferratum (based on middle of the price range) to support growth strategy in dynamic mobile banking market
- Offer period starts on 22 January 2015 and is expected to end on 4 February 2015; listing on the Frankfurt Stock Exchange is expected on or about 6 February 2015
- Jorma Jokela, founder and CEO of Ferratum Group, will remain the majority shareholder after the IPO
Helsinki/Berlin, 20 January 2015 - Ferratum Oyj (together with its consolidated subsidiaries hereafter "Ferratum Group" or "Ferratum"), an international provider of mobile consumer loans headquartered in Helsinki, announces details of its planned IPO on the Prime Standard segment of the regulated market of the Frankfurt Stock Exchange. The Finnish Financial Supervisory Authority has approved a securities prospectus today and transmitted it together with the certificate of approval to the German Federal Financial Supervisory Authority.
The offering consists of an initial public offering in the Federal Republic of Germany as well as private placements in selected other countries outside Germany and outside the United States of America to selected investors in reliance on Regulation S under the U.S. Securities Act of 1933.
Offer Period will start on 22 January 2015
The offer period during which investors can submit purchase orders starts on Thursday, 22 January 2015, and is expected to end on Wednesday, 4 February 2015. On the last day of the offer period, purchase offers from retail investors can be transmitted until 12:00 noon (CET) and purchase offers from institutional investors can be transmitted until 16:00 (CET). Offers may be submitted within a price range between EUR 15 and EUR 18 per share. The offer includes up to 6,517,188 ordinary shares with no nominal value, consisting of up to 2,833,560 newly issued shares of the Company, up to 2,833,560 shares offered by the current shareholders of Ferratum Oyj and a further up to 850,068 shares from the two largest shareholders of Ferratum Oyj for purposes of potential over-allotments (Greenshoe option). Based on a price of EUR 16.50 per offered share (the middle of the price range) and assuming all shares are placed with investors, the gross proceeds for the offering will be EUR 107.5 million. Thereof gross proceeds of EUR 46.8 million and net proceeds of EUR 44.6 million would flow to Ferratum. Gross proceeds of EUR 60.8 million and net proceeds of EUR 59.3 million would flow to the selling shareholders.
The final offer price is expected to be determined on 4 February 2015 following the bookbuilding. The commencement of trading in the shares in the Prime Standard segment of the regulated market of the Frankfurt Stock Exchange is expected on or about 6 February 2015. ICF BANK AG has been appointed as Sole Global Arranger and Sole Bookrunner. Co-Lead Managers are equinet Bank AG and Hauck & Aufhäuser Privatbankiers KGaA.
Jorma Jokela, founder and CEO of Ferratum Group, sees the planned IPO as another step on the path of profitable growth of Ferratum: "In a currently rapidly changing banking sector, we are very well positioned in order to benefit from the digitization trend of traditional financial services. We aim to implement our growth strategy and develop further into a mobile bank. We rely on our scalable Big Data scoring technology with which the decision for a loan approval can be made within minutes while checking the credit score of each potential customer. In addition, the EU banking licence of our subsidiary Ferratum Bank Ltd allows us to expand our product portfolio and expand to more countries with strict regulatory lending requirements. We are also planning to further expand our cross-border activities of Ferratum Bank Ltd into several countries, in which we are currently operating under local licences. I believe that it is the right time to complete an IPO in order to be able to meet the growing demand for our products and associated services."
Issue proceeds to finance further growth
Ferratum intends to use the net proceeds from the IPO to implement its growth strategy which focuses on growth in the markets in which Ferratum is already present, the expansion of its business activities into 30 countries in the mid-term and the diversification of its product portfolio. In addition, Ferratum plans to strengthen its equity position as a requirement for its further development towards a mobile bank and to introducing and market a multi-banking mobile platform through a new mobile application which is currently being developed.
History of sustainable growth and strong commitment of the CEO
Jorma Jokela emphasizes the recent positive development of Ferratum: "As a pioneer of mobile consumer loans with a strong market position in 19 countries, we can look back on nine years of profitable growth. Between 2009 and 2013, revenues have grown an average of over 40% per year while being profitable at the same time. Our EBIT margin was 12.6% in 2013." In the first nine months of 2014, Ferratum's operating profit (EBIT) increased significantly by 47.4% to EUR 8.5 million (9M 2013: EUR 5.7 million), while revenues increased to EUR 49.4 million (9M 2013: EUR 43.4 million). Then EBIT margin was 17.1% (9M 2013: 13.2%). The development of the revenues for the months of October and November 2014 has continued the strong growth trend of the first three quarters of 2014. As a result, revenues for the first eleven months of 2014 amounted to EUR 63.5 million and the operating profit (EBIT) amounted to EUR 10.3 million. Jorma Jokela adds: "Ferratum operates within a dynamic growth market and has special expertise in the areas of mobile banking which will help us to implement our strategy successfully in the coming years. The IPO is a crucial step towards the further development of Ferratum. I am convinced that, with the IPO, Ferratum can take the next step in developing into a leading mobile bank. I am also committed to remain the majority shareholder after the IPO."
The approved prospectus will be available soon for download on the Company's website under the Investor Relations section https://www.ferratumgroup.com/:
https://www.ferratumgroup.com/ .
About Ferratum Group:
The Finnish Ferratum Group, a pioneer for mobile micro credits in Europe, offers short-term consumer loans. Ferratum's customers can utilize digital media to apply for consumer credit in amounts varying between EUR 25 and EUR 2,000. Managed by its founder Jorma Jokela, Ferratum has expanded rapidly since it was founded in 2005: Ferratum has 1.0 million active and former customers who have been granted one or more loans in the past and 2.8 million total user accounts in its database (as of 31 December 2014). In the fiscal year 2013 revenues amounted to EUR 58.2 million with an EBIT margin of 12.6%. Ferratum is represented in 19 markets and employs more than 350 people.
Contact:
Ferratum Group
Dr. Clemens Krause, CFO
T: +49 30 88715308
F: +49 30 88715309
M: clemens.krause@ferratum.com
cometis AG
Henryk Deter | Mariana Kuhn
T: +49 611 20 58 55-61
F: +49 611 20 58 55-66
M: kuhn@cometis.de:
mailto:kuhn@cometis.de
Disclaimer
This Corporate News is not a prospectus pursuant to the applicable capital market rules in Finland or Germany. Any investment decision must be made solely on the basis of the information contained in the prospectus as approved by the Finnish Financial Supervisory Authority and duly published. A prospectus pursuant to Finnish securities laws has been approved by the Finnish Financial Supervisory Authority and duly published and is available at https://www.ferratumgroup.com/:
https://www.ferratumgroup.com/, and can be obtained free of charge during normal business hours at the Company's offices in Germany. The prospectus is the only binding offering document in connection with the offering of the Company's securities. The Corporate News contained herein is not binding.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ferratum Oyj via Globenewswire
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Ferratum Oyj
Ratamestarinkatu 11 A Helsinki Finland
WKN: A1W9NS;ISIN: FI4000106299;
Listed: Prime Standard in Frankfurter Wertpapierbörse;
