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Ölgerðin joins stock exchange

10.06.2022 - 12:07
Mynd: RÚV / Ölgerðin
The drinks manufacturer Ölgerðin joined the main Nasdaq stock exchange in Iceland yesterday. Its first day of trading was rather gentle, seeing its share price drop from 10.04 krónur to 9.99 krónur in 299 million krónur of trade at the close of trading.

The company’s stock offering, which ended a fortnight ago, was split into two groups of investors: Book A, for general investors, where the final share price was 8.9 krónur, and Book B, for institutional investors, who ended up paying 10.03 krónur. The share price at the end of the first day of public trading yesterday was therefore half a percent under Book B price, but 12 percent over Book A price.

Ölgerðin is the first new company to join the Nasdaq Iceland exchange so far this year, but further companies are expected to join it soon—including the telecommunications firm Nova. That company’s stock offering ends at 16.00 this afternoon and it plans to start trading publicly on the 21st June.

More movement last year

Two new companies joined the exchange last year: Íslandsbanki and Síldarvinnslan—both experiencing significantly more movement on their first days. Trade in Íslandsbanki shares came close to five billion krónur on its first day, and Síldarvinnslan shares changed hands for over a billion.

Íslandsbanki’s share price rose nearly 20 percent in the bank’s first day of trading, and Síldarvinnslan rose by 8.6-12.4 percent over stock offering prices—as that company also had two “books” in its stock offering, just like Ölgerðin.

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