Íslandsbanki’s Public Offering

• Subscriptions are accepted electronically on the Offering’s subscription website. Click HERE to open the subscription website (the subscription website is kvika.ipo.is).
• An open presentation will be held at 16:30 pm GMT, Wednesday, 14 May 2025. The presentation will also be streamed live, which is open to everyone and does not require registration.
• The offering commences at 08:30 am GMT, Tuesday 13 May 2025. It is expected to close at 17:00 pm GMT, Thursday 15 May 2025.
• A minimum of 376,094,154 shares in the Bank are being offered, which corresponds to 20.0% of the Bank’s outstanding share capital.
• As part of the offering, the Selling Shareholder has reserved the right to increase in its sole discretion the number of shares offered in the offering by up to 473,905,853 shares in the Bank. If the volume increase is exercised in full, 850,000,007 shares in the Bank will be sold, corresponding to 45.2% of the Bank’s outstanding share capital.
• There are three options available to investors: Tranche A, Tranche B and Tranche C. The Tranches differ in terms of participation, priority, size of bids and allocation. Sales through Tranche A will have priority when the shares are allocated, followed by Tranche B and then Tranche C. Tranche A is reserved exclusively for individuals with Icelandic ID numbers. In Tranche A, the minimum amount of orders is restricted to offer shares with a purchase value of ISK 100,000. The maximum amount is ISK 20,000,000. The offer price for Tranche A is fixed and set at ISK 106.56 per share.
• Tranche B is open to both individuals and legal entities. In Tranche B, the minimum amount of orders is restricted to shares with a purchase value of ISK 2,000,000 for Tranche B. There is no maximum amount other than as limited by the overall size of the offering. The offer price for Tranche B will be set in ISK and determined through a book-building process. The offer price for Tranche B shall be set at the highest bid price that reaches the offering’s base volume, however, the offer price for Tranche B may never be lower than the fixed price in Tranche A.
• Tranche C is open to regulated professional investors who invest on their own account and have assets exceeding 70 billion ISK. In Tranche C, the minimum amount of orders is restricted to shares with a purchase value of ISK 300,000,000. There is no maximum amount other than as limited by the overall size of the offering. The offer price for Tranche C will be set in ISK and determined with reference to the offer price for Tranche B. Investors submitting offers in Tranche C will be given the opportunity to increase their bid price to match the offer price for Tranche B shortly after the offer price for Tranche B is announced on 15 May 2025.
• It is expected that the result of the offering will be published on 15 May 2025 and posted on the Government’s, Íslandsbanki’s and Kvika’s respective websites.
• Results of allocations under the offering are expected to be notified to investors on 16 May 2025 before market open.
• The final due date for payment of the allocated shares is set for 20 May 2025 and paid shares are estimated to be delivered to investors within two business days after payment is received.
• Barclays Bank Ireland PLC, Citigroup Global Markets Europe AG, and Kvika banki hf. are acting as Joint Global Co-ordinators and along with ABN AMRO Bank N.V. (in collaboration with ODDO BHF SCA), Arctic Securities AS, Arctica Finance hf., Arion Bank hf., J.P. Morgan SE, Landsbankinn hf. and UBS Europe SE, as Joint Bookrunners in the offering.
• Click HERE to establish a custody account

Managers reserve the right to demand confirmation of financial capability for payment of subscriptions from investors. Should an investor not comply with this demand from the respective Manager within the time limit given, the Manager reserves the right to cancel the respective investor’s subscription in part or in full. Managers assess unilaterally whether confirmation of financial capability is considered satisfactory.

The Selling Shareholder reserves the right to cancel the offering if offers are not made for the minimum number of shares to be sold in the offering or for any other reason, at its sole discretion. If the offering is cancelled in accordance with the above, all bids for shares to be sold in the offering, and allocations made on the basis thereof, will be invalid as a result. A public announcement will be made should the offering be cancelled or if it will be expedited, extended or postponed, and in such cases (excluding cases where the offering will be cancelled) a supplement to the prospectus will be issued, which will be prepared, approved and published in accordance with Article 23 of the Prospectus Regulation and Article 5 of the Act  No. 14/2020 on the Prospectus to be Published when Securities are Offered to the Public or Admitted to Trading on a Regulated Market. In such cases (except in the event of cancellation of the offering), investors will have the option to cancel their bids.