Havyard gets IPO away

Norwegian shipbuilder Havyard has completed its Oslo IPO after cutting its share price on the final day.

It said it had sold 4.2m existing shares owned by majority investor Havila Holding, plus another 420,000 as an over-allotment.

The price of NOK 33.50 per share, which values the company at NOK 754.7m ($123.2m), was cut from NOK 36 on Tuesday “as a result of orders and indications received during the book-building period,” after the IPO was extended by another four days.

Havila will retain ownership of 63.5%. It sold to a wide range of international and Norwegian investors.

Havyard is expected to have more than 900 shareholders.

The company had hoped to close the deal in April with both a primary offering and the sale of shares held by Havila Holdings.

The offshore shipbuilder returned later with a revised offering in which Havila Holdings was seeking to sell between 4.2m and 6.25m shares.

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