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Ice Group applies for listing at Oslo Axess

9 May 2019

Oslo, 9 May 2019 – Ice Group ASA ("Ice Group" or the "Company") has today submitted an application for a listing on Oslo Axess. No offering will be conducted in connection with the listing.

Subject to approval of the listing application by Oslo Børs and approval by the Financial Supervisory Authority of Norway of a listing prospectus, the Company expects that the first day of trading will be on or about 20 May 2019. Ice Group’s current quotation on the NOTC list will be discontinued from the same date.

“The listing on Oslo Axess is pursued with an aim to support Ice Group's growth plans for the coming years, facilitating improved access to capital markets, a larger investor universe and allowing regulated trading for our shareholders, who will be able to benefit from the fact that Oslo Axess is a more liquid and regulated marketplace than NOTC,” says Eivind Helgaker, CEO of Ice Group.

Committed growth plan

Ice Group is Norway’s third largest mobile network operator and provider of wireless data, voice and messaging services, challenging the two incumbents Telenor and Telia. Since 2015, Ice Group has been the fastest growing mobile network operator in Norway. It is also Norway’s third largest provider of wireless broadband services.

The management and board of directors have defined a business plan that includes medium term targets of a subscriber market share of 20%, ARPU of NOK 300, EBITDA-margin in the mid-30s and 10% capex/sales.

Ice Group’s business plan requires continued investments in Norway  in order to continue to increase the footprint of the Company’s pure 4G network (5G ready) from Nokia with  limited complexity and costs related to legacy technologies and systems. Ice Group therefore conducted an oversubscribed private placement in January 2019, raising gross proceeds of NOK 1.5 billion to continue the planned network build-out and further expand the customer base. Following the network build-out, the Company expects to have a lower share of variable costs and a more scalable cost base than it has today.

“The continued network build-out is key to increase profitability, competitiveness and further enhance our customer proposition. We will continue to support the network build-out with disruptive and customer-centric initiatives designed to drive customer growth,” adds Eivind Helgaker.

Ice Group also has bonds listed on Oslo Børs through its subsidiary company Ice Group Scandinavia Holdings AS.

Change to board of directors

Jörg Mohaupt, a director of the board of Ice Group, has notified the Company that he will step down from the Ice Group board of directors with effect as of today. Following Mohaupt’s resignation, the board of directors will consist of Hans-Holger Albrecht (chairman), Guillaume d’Hauteville, Ingvild Myhre and Mari Thjømøe.

DNB Markets, a part of DNB Bank ASA, and Pareto Securities AS are acting as Joint Lead Managers for the listing on Oslo Axess. Advokatfirmaet BAHR AS is acting as legal adviser to the Company. Corporate Communications AS is acting as communication and media advisor in connection with the listing.

For further information, please contact:

Investors: Henning Karlsrud, CFO of Ice Group, tel: +47 930 45 389

Media: Endre Aaberg Johansen, Corporate Communications AS, tel: +47 416 10 605,

About Ice Group ASA

Ice Group is a telecommunications company with nationwide networks in Norway and Denmark. In Norway, the company operates a pure 4G mobile network, providing smartphone, m2m, IoT and mobile broadband services to B2C and B2B customers. Ice Group also offers mobile broadband, m2m and IoT services in Denmark through its own network. For more information, see

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For media enquiries to Ice Group, please contact:

Endre Aaberg Johansen - Corporate Communications AS
Tel: +47 41 61 06 05