Listing
Invest in thousands of apartments
The Initial Public Offering (the “offering”) of Kojamo Plc (“Kojamo” or the “Company”) was oversubscribed and the listing was completed as planned.
Kojamo raised gross funds of approximately EUR 150 million from the offering. In addition, Ilmarinen, Varma, the Finnish Industrial Union, Trade Union for the Public and Welfare Sectors, Finnish Construction Trade Union, Service Union United PAM, Trade Union PRO, Trade Union of Education OAJ and certain other existing shareholders of the Company listed in the offering circular will receive gross proceeds of approximately EUR 406 million assuming full exercise of the over-allotment option.
Kojamo issued 17,665,039 new shares in the Company, corresponding to approximately 7.1 per cent of the total number of outstanding shares after the offering.
The final price per offer share in the offering was EUR 8.50 per offer share, corresponding to a market capitalisation of approximately 2,101 million immediately after the offering. The demand in the offering both from Finnish and international investors was very strong, and the offering was oversubscribed.
63,548,765 offer shares were allocated in private placements to institutional investors in Finland and internationally, assuming full exercise of the over-allotment option and 1,668,884 offer shares were allocated to private individuals and entities in Finland. In addition, 179,800 offer shares were allocated to employees and the Management Team of the Company. The number of outstanding shares after the listing was 247,144,399 in total, and the aggregate number of shareholders increased to over 2,700 shareholders.
Important dates
4 June 2018 The subscription period of the offering began
12 June 2018 The subscription period for the Public Offering and Personnel Offering ended
14 June 2018 The subscription period for the Institutional Offering ended
14 June 2018 The final price of the offering was published
15 June 2018 Trading in the shares commenced on the pre-list of the Helsinki Stock Exchange
19 June 2018 Trading in the shares commenced on the official list of the Helsinki Stock Exchange
Kojamo in brief
Kojamo is the largest private residential real estate company in Finland measured by fair value of investments properties.[1] It offers rental apartments and housing services for tenants primarily in the Helsinki Metropolitan area[2], the Tampere, Turku, Kuopio and Lahti regions as well as the cities of Oulu and Jyväskylä (together, the “Finnish growth centres”).
As at 31 March 2018, Kojamo’s portfolio comprised 35,697 rental apartments offering a wide range of rental housing alternatives. The fair value of its investment properties [3] was EUR 4.9 billion as at 31 March 2018. Measured by fair value, approximately 98 per cent of Kojamo’s rental apartments are situated in the Finnish growth centres, and approximately 66 per cent in the Helsinki Metropolitan Area [4].
In 2012, Kojamo introduced a new strategy focusing on commercial operations and in September 2014, Kojamo Group launched a new brand which was built around commercial housing services: Lumo. Between 2014 and 2017, Kojamo’s investments in new developments and acquisitions of properties were in aggregate EUR 1.5 billion, including the construction of approximately 3,700 apartments Kojamo launched over the same period. As a result of the strategic transformation, the name of the group was changed from VVO Group plc to Kojamo plc in March 2017.
Materials
Presentation material for Kojamo’s company presentation event (pdf)
Releases
19 June 2018: Kojamo plc: The number of Board members and composition of the Board of Directors
27 June 2018: Stabilization measures taken
13 July 2018: Exercise of over-allotment option and discontinuation of the stabilization period
[1] KTI Property Information Ltd: The Finnish property market 2018. Investment properties include apartments, ongoing projects, land plots owned by the company and ownership of certain assets through shares like parking spaces. Fair value represents the fair value of investment properties and includes non-current assets held for sale.
[2] Helsinki Metropolitan area includes the cities of Helsinki, Espoo, Vantaa, Kauniainen, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, Porvoo, Riihimäki, Sipoo, Tuusula and Vihti.
[3] Includes non-current assets held for sale
[4] By fair value of rental apartments as at 31 March 2018.
[5] Designated banks are: Etelä-Hämeen Osuuspankki, Etelä-Karjalan Osuuspankki, Etelä-Pohjanmaan Osuuspankki, Itä-Uudenmaan Osuuspankki, Kainuun Osuuspankki, Keski-Pohjanmaan Osuuspankki, Keski-Suomen Osuuspankki, Keski-Uudenmaan Osuuspankki, Kymenlaakson Osuuspankki, Lounaismaan Osuuspankki, Lounaisrannikon Osuuspankki, Länsi-Suomen Osuuspankki, Länsi-Uudenmaan Osuuspankki, Helsingin Seudun Osuuspankki, Oulun Osuuspankki, Pohjois-Karjalan Osuuspankki, Pohjois-Savon Osuuspankki, Pohjolan Osuuspankki, Päijät-Hämeen Osuuspankki, Suur-Savon Osuuspankki, Tampereen Seudun Osuuspankki, Turun Seudun Osuuspankki and Vasa Handelsbank.
Page updated 1 July 2022