Statoil announces details of IPO planned for June 18

Statoil AS, the Norwegian state-owned company, Tuesday announced details of its forthcoming IPO on the Oslo and New York stock exchanges, projecting a price range of $7.17-8.25/share or American Depository Share. The offering will represent between 15-20% of Statoil's share capital after the IPO, tentatively slated for June 18.


By the OGJ Online Staff

HOUSTON, May 29 -- Statoil AS, the Norwegian state-owned company, Tuesday announced details of its forthcoming IPO on the Oslo and New York stock exchanges, projecting a price range of $7.17-8.25/share or American Depository Share.

The offering will represent between 15-20% of Statoil's share capital after the IPO, tentatively slated for June 18.The underwriters will be granted an overallotment option of up to 15% of the offer size in shares or ADSs.

Each ADS represents the right to receive 1 share. Up to 437.9 million shares will be sold in the global offering (excluding the over-allotment option) and of these, Statoil is issuing 188.7 million. An ADS is a share issued under a deposit agreement or underlying security in the issuing company's country.

Statoil and the Norwegian Ministry of Petroleum and Energy said the global offering would be structured as follows:

-- A public offering in Norway, to institutional and retail investors. Incentives in the form of a 3 kroner discount/share and bonus shares are being offered only to private individuals in the public offering in Norway.

-- A US public offering in the form of shares or ADSs pursuant to a registration statement filed with the Securities and Exchange Commission.

-- An offering to institutional investors elsewhere of shares or ADSs.

Marketing of the shares was expected to start Tuesday. The offer price and allocations between syndicates is expected to be announced June 17 with trading expected to start June 18 (OGJ Online, May 14, 2001).

Norwegian brokerage house DnB Markets AS, Morgan Stanley Dean Witter & Co., and UBS Warburg AG are joint global coordinators for the IPO.

DnB Markets is sole bookrunner of the offering to institutional and retail investors in Norway. Morgan Stanley and UBS Warburg are joint bookrunners for the international offering.

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