At 15.00 this afternoon, APS Bank plc closed its Initial Public Offering (IPO) of Shares six hours after it opened. The decision to close applications a fortnight early was based on evidence of an overwhelming response from interested investors indicated by the Authorised Financial Intermediaries.
Applications received by 15.00 today supported by cleared funds will be processed. Work to clear all applications will continue over the weekend and in the coming days the Bank will announce the Allocation Policy. Other events in the IPO timetable, refunds of unallocated monies, the listing date, and the first day of trading on the Malta Stock Exchange are all expected to be brought forward to not later than the week starting Monday 20 June 2022.
In a live stream announcement Marcel Cassar CEO APS Bank acknowledged how the resulting outcome was astonishing in the context of the challenging investment conditions which prevail. He showed appreciation towards all subscribers whatever their size of application, the Bank’s shareholders, Board of Directors and Bank colleagues, who worked hard and meticulously to deliver the IPO successfully. Mr Cassar also thanked the Joint Sponsors and Managers, the Legal Counsel, the Malta Stock Exchange, all Financial Intermediaries, as well as the Malta Financial Services Authority, for their co-operation and support throughout.
Marcel Cassar concluded, “We set out to raise up to €66 million of new equity capital – already one of the biggest ever issues in the history of Malta’s capital market – but we saw this mushroom to above €100 million, as the exact figures are still being finalised. Once again, thank you for this massive vote of confidence.”
