NORWAY - emgs IPO at NOK 135 per share

ElectroMagnetic GeoServices (emgs) has priced its IPO at NOK 135 per share, and will start to trade today. The price is at the top of the revised price range of NOK 125-135 per share. There has been strong interest in the market, resulting in the offering being approximately 13x subscribed at the IPO price. The offering has raised NOK 2,649m in gross proceeds, of which NOK 743m is received by emgs. The offering of 19,623,200 shares (26,7% of outstanding share capital) consisted of 14,123,200 shares sold by current shareholders, including entities affiliated with Warburg Pincus and members of emgs' management team and board of directors. The remaining 5,500,000 shares were issued and sold by emgs. Warburg Pincus will retain a stake of over 60% stake in the company post the IPO. Warburg Pincus has granted an over-allotment option to the managers for an additional 1,850,000 shares by entities affiliated with Warburg Pincus.