LED iBond’s initial public offering oversubscribed 11 times

Today, LED iBond International A/S (LED iBond) announces the result of the initial public offering of new shares relating to the company’s listing on Nasdaq First North Growth Market as announced in the company’s prospectus and company announcement no. 1, both dated 20 May 2020.

The offering was concluded as planned on 9 June 2020 at 4:00 pm (CET).

The company’s offer of minimum 3,633,721 and maximum 4,691,860 new shares at a price of DKK 6.88 per share has been fully subscribed. Therefore, the number of shares offered amounts to 4,691,860, equivalent to a gross value of the offering of DKK 32.3 million. The net proceeds from the offering will be used to accelerate commercial activities within the company’s three main business areas: smart buildings, UV disinfection and vertical farming.

Subscription commitments for a total of 2,951,038 new shares were given by 28 cornerstone investors during the pre-subscription period, representing a market value of DKK 20.3 million, including conversion of debt for a total of DKK 13.7 million.

During the subscription period, the company received 5,121 orders for a total of 21,181,813 additional new shares, representing a market value of DKK 145.7 million. The new shares available in the public offering (excluding pre-commitments from cornerstone investors) were therefore oversubscribed by 1,117%, equivalent to an oversubscription factor of 11.2 times.

LED iBond International’s CEO, Rolf H. Sprunk-Jansen, says:

“The interest for our initial public offering has been absolutely overwhelming. We are well aware of the trust that our new investors have placed in the company and we will do our best to honor this vote of confidence. LED iBond is determined to make the most of the strong megatrends that are driving the three key markets for our digital lighting platform: smart buildings, disinfection equipment and vertical farming. In each of these markets our unique technology holds huge possibilities. Now we have the financial strength to pursue this potential. I’m really excited to get started on the next phase of our journey.”

The first day of trading at Nasdaq First North Growth Market Denmark is expected to be 15 June 2020 under the ticker ‘LEDIBOND’ and permanent ISIN code DK0061274529, pending formal approval by Nasdaq First North Denmark.

Summary of the offering

• In its initial public offering, LED iBond has issued a total of 4,691,860 new shares at a price of DKK 6.88 per share.
• Subscription commitments for 63 % of the offering, 2,951,038 shares representing a subscription value of DKK 20.3 million, were received from 28 cornerstone investors during the pre-subscription period, including conversion of debt for a total of DKK 13.7 million. The net cash proceeds from cornerstone investors related to the initial public offering thus amount to DKK 6.6 million.
• The remaining 37 % of the offering, 1,740,822 shares representing a subscription value of DKK 12 million, were allocated to a total of 2,841 investor accounts.
• Based on the offer price of DKK 6.88 per share, LED iBond’s market cap is DKK 87.3 million.
• After the completion of the offering, the company’s free float amounts to 34 % of the share capital.

All cornerstone investors have been allocated shares in accordance with their subscription commitments during the pre-subscription period as described in the prospectus.

Considering both the huge number of subscriptions orders and the variation in order sizes, the company has decided to allocate the new shares available for public investors during the subscription period as follows:

• 1,200 shares are allocated to subscription orders of DKK 300,000 or more.
• 600 shares are allocated to subscription orders between DKK 9,288 and DKK 299,999.
• No shares are allocated to subscription orders of DKK 9,287 or less.

Share capital and lock up

Upon completion of the offering, LED iBond’s share capital will be increased by 58.6 % to DKK 634,593, divided into 12,691,860 shares with a nominal value of DKK 0.05 each. Registration of the capital increase at the Danish Business Authority is expected to take place on 12 June 2020.

The company has one share class and the new shares will have the same rights as the company’s existing shares.

All existing shareholders have entered into a lock up agreement with Västra Hamnen Corporate Finance AB for the 8,000,000 existing shares. The lock up agreement is valid for a period of 12 months from the first day of trading.

According to the lock up agreements, existing shareholders are restricted from selling or otherwise - directly or indirectly - transfer their shares (or other securities exchangeable into shares in the company or warrants or other options to acquire shares in the company) or to announce the intention to make any such act without the prior written consent of Västra Hamnen Corporate Finance acting as financial and certified advisor in the offering.

Advisors to the company

Financial advisor and certified advisor to the company in connection with the offering is Västra Hamnen Corporate Finance AB. A/S Arbejdernes Landsbank acts as settlement and issuing agent. Nordnet acts as Selling Agent. Legal advisor is Lundgrens Advokatpartnerselskab.

Further Information

Rolf H. Sprunk-Jansen, CEO
Mobile: +45 2020 3005
Email: rsj@ledibond.com

Company contact
LED iBond International A/S

Diplomvej 381
2800 Kgs Lyngby
Denmark

CVR 36041609

+45 7070 7855
info@ledibond.com
www.ledibond.com

Certified advisor contact
Per Lönn
Telephone: +46 40 200 250
Email: per.lonn@vhcorp.se

Västra Hamnen Corporate Finance
Jungmansgatan 12
211 19 Malmö
Sweden

About LED iBond International A/S

Founded in 2014, LED iBond International offers innovative solutions for integrating light and data, based on the company’s deep knowledge of modern LED technology and many years of development. The patented technology includes the lightest and thinnest LED basis available, offering a unique value proposition combining total design flexibility, full IoT integration and low total costs of ownership. LED iBond’s technology has been deployed in many projects, ranging from intelligent shelf lighting to large scale indoor illumination projects such as the installation of 3.2 kilometers of Tracy®, the company’s innovative flagship product, at DTU, the Technical University of Denmark.

Due to the data transfer capabilities, superior form factor and cooling properties of the technology platform, LED iBond is focusing on three key markets: smart housing, UV disinfection and vertical farming, all projected to show significant growth in the years to come.