{"id":3002,"date":"2022-08-21T21:44:21","date_gmt":"2022-08-21T21:44:21","guid":{"rendered":"https:\/\/www.guiadoemitente.pt\/?p=3002"},"modified":"2022-09-16T10:05:56","modified_gmt":"2022-09-16T10:05:56","slug":"3-1-1-3-offering-and-placement","status":"publish","type":"post","link":"https:\/\/issuers-guide.buzzvel.work\/en\/3-1-1-3-offering-and-placement\/","title":{"rendered":"3.1.1.3 Offering and placement"},"content":{"rendered":"\n<p>Following the publication of the Prospectus, the public offer period begins and, if a Private Placement is also being held, the order book opens to collect orders from the Institutional Investors. This normally takes between 2 and 3 weeks.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"696\" src=\"https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-3.1.1.3-Timeline-EN-1-1024x696.png\" alt=\"\" class=\"wp-image-6033\" srcset=\"https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-3.1.1.3-Timeline-EN-1-1024x696.png 1024w, https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-3.1.1.3-Timeline-EN-1-300x204.png 300w, https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-3.1.1.3-Timeline-EN-1-768x522.png 768w, https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-3.1.1.3-Timeline-EN-1-1536x1044.png 1536w, https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-3.1.1.3-Timeline-EN-1.png 1609w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n<style>.kt-tabs-id_9c54da-ef > .kt-tabs-content-wrap > .wp-block-kadence-tab{border-top-width:3px;border-right-width:3px;border-bottom-width:3px;border-left-width:3px;border-color:#FFF;border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;min-height:117px;background:#FFF;}.wp-block-kadence-tabs .kt-tabs-id_9c54da-ef > .kt-tabs-title-list li{margin-top:2px;margin-right:2px;margin-bottom:-23px;margin-left:2px;margin-right:0px;margin-left:0px;}.wp-block-kadence-tabs .kt-tabs-id_9c54da-ef > .kt-tabs-title-list li:last-child{margin-right:0px;}.wp-block-kadence-tabs .kt-tabs-id_9c54da-ef > .kt-tabs-title-list{margin-right:-1px;}.wp-block-kadence-tabs .kt-tabs-id_9c54da-ef > .kt-tabs-title-list li .kt-tab-title{margin-right:1px;}.wp-block-kadence-tabs .kt-tabs-id_9c54da-ef > .kt-tabs-title-list li .kt-tab-title, .wp-block-kadence-tabs .kt-tabs-id_9c54da-ef > .kt-tabs-content-wrap > .kt-tabs-accordion-title .kt-tab-title{line-height:16px;font-family:Montserrat;font-weight:400;font-style:normal;border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;padding-top:9px;padding-right:9px;padding-bottom:9px;padding-left:9px;border-color:#FFF;color:#FFF;background:#10154B;}.wp-block-kadence-tabs .kt-tabs-id_9c54da-ef > .kt-tabs-content-wrap > .kt-tabs-accordion-title .kt-tab-title{margin-top:2px;margin-right:2px;margin-bottom:-23px;margin-left:2px;}.wp-block-kadence-tabs .kt-tabs-id_9c54da-ef > .kt-tabs-title-list li .kt-tab-title:hover, .wp-block-kadence-tabs .kt-tabs-id_9c54da-ef > .kt-tabs-content-wrap > .kt-tabs-accordion-title .kt-tab-title:hover{border-color:#FFF;color:#10154B;background:#F1F1F1;}.wp-block-kadence-tabs .kt-tabs-id_9c54da-ef > .kt-tabs-title-list li.kt-tab-title-active .kt-tab-title, .wp-block-kadence-tabs .kt-tabs-id_9c54da-ef > .kt-tabs-content-wrap > .kt-tabs-accordion-title.kt-tab-title-active .kt-tab-title{border-color:#FFF;color:#10154B;background:#F1F1F1;}.wp-block-kadence-tabs .kt-tabs-id_9c54da-ef{max-width:850px;}<\/style>\n<div class=\"wp-block-kadence-tabs alignnone alignundefined\"><div class=\"kt-tabs-wrap kt-tabs-id_9c54da-ef kt-tabs-has-5-tabs kt-active-tab-1 kt-tabs-layout-tabs kt-tabs-tablet-layout-inherit kt-tabs-mobile-layout-inherit kt-tab-alignment-left \" style=\"max-width:850px\"><ul class=\"kt-tabs-title-list kb-tabs-list-columns kb-tab-title-columns-5\"><li id=\"tab-objectobjectmanagementroadshowobjectobjectobjectobjectobjectobject\" class=\"kt-title-item kt-title-item-1 kt-tabs-svg-show-always kt-tabs-icon-side-right kt-tab-title-active\"><a href=\"#tab-objectobjectmanagementroadshowobjectobjectobjectobjectobjectobject\" data-tab=\"1\" class=\"kt-tab-title kt-tab-title-1 \"><span class=\"kt-title-text\"><br\/>Management Roadshow<br\/><br\/><br\/><\/span><\/a><\/li><li id=\"tab-objectobjectpricingobjectobjectobjectobjectobjectobjectobjectobject\" class=\"kt-title-item kt-title-item-2 kt-tabs-svg-show-always kt-tabs-icon-side-right kt-tab-title-inactive\"><a href=\"#tab-objectobjectpricingobjectobjectobjectobjectobjectobjectobjectobject\" data-tab=\"2\" class=\"kt-tab-title kt-tab-title-2 \"><span class=\"kt-title-text\"><br\/>Pricing<br\/><br\/><br\/><br\/><\/span><\/a><\/li><li id=\"tab-objectobjectplacementoftheofferingobjectobjectobjectobjectobjectobject\" class=\"kt-title-item kt-title-item-3 kt-tabs-svg-show-always kt-tabs-icon-side-right kt-tab-title-inactive\"><a href=\"#tab-objectobjectplacementoftheofferingobjectobjectobjectobjectobjectobject\" data-tab=\"3\" class=\"kt-tab-title kt-tab-title-3 \"><span class=\"kt-title-text\"><br\/>Placement of the Offering<br\/><br\/><br\/><\/span><\/a><\/li><li id=\"tab-brallocationofsharesbrbrbrbr\" class=\"kt-title-item kt-title-item-4 kt-tabs-svg-show-always kt-tabs-icon-side-right kt-tab-title-inactive\"><a href=\"#tab-brallocationofsharesbrbrbrbr\" data-tab=\"4\" class=\"kt-tab-title kt-tab-title-4 \"><span class=\"kt-title-text\"><br>Allocation of shares <br><br><br><br><\/span><\/a><\/li><li id=\"tab-brassessmentofresultssettlementandlistingbrbrbr\" class=\"kt-title-item kt-title-item-5 kt-tabs-svg-show-always kt-tabs-icon-side-right kt-tab-title-inactive\"><a href=\"#tab-brassessmentofresultssettlementandlistingbrbrbr\" data-tab=\"5\" class=\"kt-tab-title kt-tab-title-5 \"><span class=\"kt-title-text\"><br>Assessment of Results, Settlement and Listing<br><br><br><\/span><\/a><\/li><\/ul><div class=\"kt-tabs-content-wrap\">\n<div class=\"wp-block-kadence-tab kt-tab-inner-content kt-inner-tab-1 kt-inner-tab_b4ad5c-2b\"><div class=\"kt-tab-inner-content-inner\"><style>#kt-layout-id_2960c0-8d > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_2960c0-8d > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_2960c0-8d > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:40px;grid-template-columns:minmax(0, 1fr);}#kt-layout-id_2960c0-8d > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_2960c0-8d > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){#kt-layout-id_2960c0-8d > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_2960c0-8d\" class=\"kt-row-layout-inner kt-layout-id_2960c0-8d\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_cf9b21-69 > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_cf9b21-69 > .kt-inside-inner-col,.kadence-column_cf9b21-69 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_cf9b21-69 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_cf9b21-69 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_cf9b21-69 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_cf9b21-69 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_cf9b21-69{position:relative;}@media all and (max-width: 1024px){.kadence-column_cf9b21-69 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_cf9b21-69 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_cf9b21-69\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading_2cb268-7a, .wp-block-kadence-advancedheading.kt-adv-heading_2cb268-7a[data-kb-block=\"kb-adv-heading_2cb268-7a\"]{font-size:18px;font-weight:bold;font-style:normal;text-transform:none;}.wp-block-kadence-advancedheading.kt-adv-heading_2cb268-7a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_2cb268-7a[data-kb-block=\"kb-adv-heading_2cb268-7a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_2cb268-7a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_2cb268-7a[data-kb-block=\"kb-adv-heading_2cb268-7a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_2cb268-7a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_2cb268-7a\">3.1.1.3.1. Management roadshow<\/p>\n\n\n\n<p>The Management roadshow refers to a series of sales presentations pitched by the Company\u2019s Management together with the Financial Advisor(s) and Placement Financial Intermediary(ies) to a wide range of potential Institutional Investors, allowing them to have a closer contact with the Company and, ultimately, to lead them to participate in the IPO.<\/p>\n\n\n\n<p><strong>Roadshow Events<\/strong><\/p>\n\n\n\n<p>Roadshow events are key to the level of participation in an IPO and are held across different locations, at a national and international level, considering the investors they aim to target.<\/p>\n\n\n\n<p>The goal is to present to investors the Company\u2019s Management and their strategic vision, the Company\u2019s strengths and growth perspectives, and address concerns expressed by investors and analysts during the previous stages.<\/p>\n\n\n\n<p>Topics usually addressed on the roadshow events are the following:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items_39cbe6-8e:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_39cbe6-8e ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_39cbe6-8e ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_39cbe6-8e ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items_39cbe6-8e ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}.kt-svg-icon-list-items_39cbe6-8e ul.kt-svg-icon-list .kt-svg-icon-list-level-1 .kt-svg-icon-list-single svg{font-size:20px;}.kt-svg-icon-list-items_39cbe6-8e ul.kt-svg-icon-list .kt-svg-icon-list-level-2 .kt-svg-icon-list-single svg{font-size:20px;}.kt-svg-icon-list-items_39cbe6-8e ul.kt-svg-icon-list .kt-svg-icon-list-level-3 .kt-svg-icon-list-single svg{font-size:20px;}.kt-svg-icon-list-items_39cbe6-8e ul.kt-svg-icon-list .kt-svg-icon-list-level-4 .kt-svg-icon-list-single svg{font-size:20px;}.kt-svg-icon-list-items_39cbe6-8e ul.kt-svg-icon-list .kt-svg-icon-list-level-5 .kt-svg-icon-list-single svg{font-size:20px;}.kt-svg-icon-list-items_39cbe6-8e ul.kt-svg-icon-list .kt-svg-icon-list-level-6 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items_39cbe6-8e kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-0 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">The background and history of the Company;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-1 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Information about the Management of the Company;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Strategic Plan;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Business Plan;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-4 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Investment Plan;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-5 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Historical financial performance analysis;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-6 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">IPO rationale and intended goals.<\/span><\/li><\/ul><\/div>\n\n\n\n<p>Traditionally roadshows are held in a format of live meetings that take place in physical venues, but in the last years it is becoming more and more common to hold part of the roadshow presentations online through online videos and podcasts. At the end of each session there is always a Q&amp;A session where investors\u2019 representatives have the freedom to ask general questions about the Company and the IPO process.<\/p>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-tab kt-tab-inner-content kt-inner-tab-2 kt-inner-tab_5f0b6e-c4\"><div class=\"kt-tab-inner-content-inner\"><style>#kt-layout-id_9f4422-e3 > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_9f4422-e3 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_9f4422-e3 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:39px;grid-template-columns:minmax(0, 1fr);}#kt-layout-id_9f4422-e3 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_9f4422-e3 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){#kt-layout-id_9f4422-e3 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_9f4422-e3\" class=\"kt-row-layout-inner kt-layout-id_9f4422-e3\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_023e44-df > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_023e44-df > .kt-inside-inner-col,.kadence-column_023e44-df > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_023e44-df > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_023e44-df > .kt-inside-inner-col{flex-direction:column;}.kadence-column_023e44-df > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_023e44-df > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_023e44-df{position:relative;}@media all and (max-width: 1024px){.kadence-column_023e44-df > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_023e44-df > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_023e44-df\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading_96c110-d4, .wp-block-kadence-advancedheading.kt-adv-heading_96c110-d4[data-kb-block=\"kb-adv-heading_96c110-d4\"]{font-size:18px;font-weight:bold;font-style:normal;text-transform:none;}.wp-block-kadence-advancedheading.kt-adv-heading_96c110-d4 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_96c110-d4[data-kb-block=\"kb-adv-heading_96c110-d4\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_96c110-d4 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_96c110-d4[data-kb-block=\"kb-adv-heading_96c110-d4\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_96c110-d4 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_96c110-d4\">3.1.1.3.2. Pricing<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_2c344d-63, .wp-block-kadence-advancedheading.kt-adv-heading_2c344d-63[data-kb-block=\"kb-adv-heading_2c344d-63\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading_2c344d-63 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_2c344d-63[data-kb-block=\"kb-adv-heading_2c344d-63\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_2c344d-63 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_2c344d-63[data-kb-block=\"kb-adv-heading_2c344d-63\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_2c344d-63 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_2c344d-63\">3.1.1.3.2.1. COMPANY valuation<\/p>\n\n\n\n<p>Different techniques are used to determine the fair value of the Company\u2019s equity. The main methodologies for valuing the Company are the income approach and the market approach.<\/p>\n\n\n\n<p>The<strong> income approach<\/strong> determines the value of the Company based on future cash-flows that the business is expected to generate, discounted at a discount rate which represents the opportunity cost of capital, whether using a dividend discount model or a discounted cash flow model. <\/p>\n\n\n\n<p>The <strong>market approach<\/strong> values the Company based on trading multiples derived from publicly traded companies that are comparable to the Company &#8211; <strong>Guideline Public Company Valuation Method<\/strong>*. Ideally, the guideline comparable public companies selected for analysis compete in the same industry (national or abroad) but when such publicly-traded companies do not exist (or when only a small number of them exist), other companies with similar underlying characteristics. Exact comparability is not required under this method of valuation, although closer comparables are preferred.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_a24b70-eb, .wp-block-kadence-advancedheading.kt-adv-heading_a24b70-eb[data-kb-block=\"kb-adv-heading_a24b70-eb\"]{font-size:12px;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_a24b70-eb mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_a24b70-eb[data-kb-block=\"kb-adv-heading_a24b70-eb\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_a24b70-eb img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_a24b70-eb[data-kb-block=\"kb-adv-heading_a24b70-eb\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_a24b70-eb wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_a24b70-eb\">*The Guideline Public Company Valuation Method consists on identifying comparable public companies (peers), adjusting the guideline public company multiples for differences in the size and risk of these companies compared to the Company, and then applying the adjusted pricing multiples from the representative companies.<\/p>\n\n\n\n<p>No model is more reliable than the other and in some cases the valuation can be performed by considering a combination of different models. Companies are advised to indicate the valuation method(s) used in the Prospectus.<\/p>\n\n\n\n<p>On the basis of this valuation, and also taking into account the market sentiment that was collected in the early looking meetings with investors (and equity research analysts), a fixed price or price range will be determined.<\/p>\n\n\n\n<p>The price range sometimes reflects a discount to the closing price of the shares on the first days of market trading.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_54ade6-a6, .wp-block-kadence-advancedheading.kt-adv-heading_54ade6-a6[data-kb-block=\"kb-adv-heading_54ade6-a6\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading_54ade6-a6 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_54ade6-a6[data-kb-block=\"kb-adv-heading_54ade6-a6\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_54ade6-a6 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_54ade6-a6[data-kb-block=\"kb-adv-heading_54ade6-a6\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p id=\"price-determination\" class=\"kt-adv-heading_54ade6-a6 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_54ade6-a6\">3.1.1.3.2.2. Price determination<\/p>\n\n\n\n<p>There are two main ways to define the Offer price, namely (i) Fixed Price Method; and (ii) Book Building Method.<\/p>\n\n\n\n<p>If the Fixed Price method is applied, the number of shares to be offered and the Offer price is set out in the Prospectus and thus is known in advance by all agents.<\/p>\n\n\n\n<p>The Book Building method is a price discovery mechanism, in which Institutional Investors (only) are presented with a range of acceptable prices and invited by the Placement Financial Intermediary(ies) to bid for the acquisition of a certain number of shares and state at the price they are willing to pay. The Company considers this information, notably the aggregating of demand as well as the weighted average of the prices proposed, to decide on the final price. The Book Building method is used at Private Placements, in which the level of demand and allocation of shares is discretionary.<\/p>\n\n\n\n<p>When the IPO comprises two separate offers, although interconnected between them: a Public Offer and a Private Placement, the most common practice, in Portugal and in other jurisdictions, is to set a price range for the Public Offer, where investors do not participate in the price-setting process and give orders of acceptance considering that the final offer price may be set in the highest range. Meanwhile, the Book Building method is used for the Private Placement with Institutional Investors. The final price for both is thus obtained through the book building method. The allocation of shares to Institutional Investors in a public offer), if investors\u2019 demand exceeds the quantity of shares being offered, shares will be allocated on a pro-rata basis considering the orders transmitted by the Investors under that offer.<\/p>\n\n\n\n<p>The principle of fair and equal treatment of investors applies to all offers, i.e. final offer price must be the same for all investors of the same class.<\/p>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-tab kt-tab-inner-content kt-inner-tab-3 kt-inner-tab_c63f3f-9d\"><div class=\"kt-tab-inner-content-inner\"><style>#kt-layout-id_c6f2e4-bd > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_c6f2e4-bd > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_c6f2e4-bd > .kt-row-column-wrap{column-gap:var(--global-kb-gap-lg, 4rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:40px;grid-template-columns:minmax(0, 1fr);}#kt-layout-id_c6f2e4-bd > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_c6f2e4-bd > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){#kt-layout-id_c6f2e4-bd > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_c6f2e4-bd\" class=\"kt-row-layout-inner kt-layout-id_c6f2e4-bd\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-gutter-wider kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_736d57-b0 > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_736d57-b0 > .kt-inside-inner-col,.kadence-column_736d57-b0 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_736d57-b0 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_736d57-b0 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_736d57-b0 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_736d57-b0 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_736d57-b0{position:relative;}@media all and (max-width: 1024px){.kadence-column_736d57-b0 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_736d57-b0 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_736d57-b0\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading_69f814-b4, .wp-block-kadence-advancedheading.kt-adv-heading_69f814-b4[data-kb-block=\"kb-adv-heading_69f814-b4\"]{font-size:18px;font-weight:bold;font-style:normal;text-transform:none;}.wp-block-kadence-advancedheading.kt-adv-heading_69f814-b4 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_69f814-b4[data-kb-block=\"kb-adv-heading_69f814-b4\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_69f814-b4 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_69f814-b4[data-kb-block=\"kb-adv-heading_69f814-b4\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_69f814-b4 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_69f814-b4\">3.1.1.3.3. Placement of the Public Offering<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_ac229c-59, .wp-block-kadence-advancedheading.kt-adv-heading_ac229c-59[data-kb-block=\"kb-adv-heading_ac229c-59\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading_ac229c-59 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_ac229c-59[data-kb-block=\"kb-adv-heading_ac229c-59\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_ac229c-59 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_ac229c-59[data-kb-block=\"kb-adv-heading_ac229c-59\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_ac229c-59 wp-block-kadence-advancedheading has-cinza-1-color has-text-color\" data-kb-block=\"kb-adv-heading_ac229c-59\">3.1.1.3.3.1. Investors targeted by the Offering<\/p>\n\n\n\n<p>The Prospectus must include a clear definition of the breakdown of the offer between investor types. <\/p>\n\n\n\n<p>It is common that the Offering comprises a Public Offering and a Private Placement directed to Institutional Investors, which allows:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items_3b6387-de:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_3b6387-de ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_3b6387-de ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_3b6387-de ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items_3b6387-de ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}.kt-svg-icon-list-items_3b6387-de ul.kt-svg-icon-list .kt-svg-icon-list-level-1 .kt-svg-icon-list-single svg{font-size:20px;}.kt-svg-icon-list-items_3b6387-de ul.kt-svg-icon-list .kt-svg-icon-list-level-2 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items_3b6387-de kt-svg-icon-list-columns-1 alignnone kt-list-icon-aligntop\"><ul class=\"kt-svg-icon-list\"><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-0 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Having shareholders with different profiles and investing objectives promotes smooth development of the share price;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-1 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Enhancing liquidity by having a relevant number of investors trading with different perspectives;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Diversifying the investor base, which provides additional guarantees of investors ability to refinance the company.<\/span><\/li><\/ul><\/div>\n\n\n\n<p>Additionally, in order to promote employee ownership and streamlined incentives between managers, shareholders and stakeholders, the Company may grant their employees, in parallel with the IPO process, the opportunity to subscribe for Company shares.<\/p>\n\n\n\n<p>When no distinction is made between different categories of investors and\/or no allotment of shares is reserved for a specific category of investors in a Public Offering, the Company must ensure that the Public Offering is effectively open to all investors on the same terms and conditions without distinction or discrimination and the shares are allocated in an equitable manner.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_1cfedd-d2, .wp-block-kadence-advancedheading.kt-adv-heading_1cfedd-d2[data-kb-block=\"kb-adv-heading_1cfedd-d2\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading_1cfedd-d2 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_1cfedd-d2[data-kb-block=\"kb-adv-heading_1cfedd-d2\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_1cfedd-d2 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_1cfedd-d2[data-kb-block=\"kb-adv-heading_1cfedd-d2\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_1cfedd-d2 wp-block-kadence-advancedheading has-cinza-1-color has-text-color\" data-kb-block=\"kb-adv-heading_1cfedd-d2\">3.1.1.3.3.2. Offering Period<\/p>\n\n\n\n<p>The length of the period is very flexible and varies greatly from one transaction to another. <\/p>\n\n\n\n<p>In many IPOs, the offering period ranges from around 2 to 3 weeks and starts on the day following the publication of the Prospectus (or a few days later). Under certain conditions, depending on the investors\u2019 demand and other market conditions, the term of the offer may be extended, subject to CMVM\u2019s authorization.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_5558e5-79, .wp-block-kadence-advancedheading.kt-adv-heading_5558e5-79[data-kb-block=\"kb-adv-heading_5558e5-79\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading_5558e5-79 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_5558e5-79[data-kb-block=\"kb-adv-heading_5558e5-79\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_5558e5-79 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_5558e5-79[data-kb-block=\"kb-adv-heading_5558e5-79\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_5558e5-79 wp-block-kadence-advancedheading has-cinza-1-color has-text-color\" data-kb-block=\"kb-adv-heading_5558e5-79\">3.1.1.3.3.3. Acceptance of the Offer<\/p>\n\n\n\n<p>Investors\u2019 acceptance of the public offering is done by an order addressed to any financial intermediary legally authorized to render the service of the reception, transmission or execution of orders on third party\u2019s behalf.<\/p>\n\n\n\n<p>Such acceptance orders may be revoked up to five days before the end of the offer period, or within a shorter timeframe, whenever stated in the Prospectus.<\/p>\n\n\n\n<p><strong>Opening of the order book<\/strong><\/p>\n\n\n\n<p>When a Private Placement offer targeted to Institutional Investors is being carried out (together or not with a Public Offer) and the Book Building method is used for the IPO price definition, the Placement Financial Intermediary(ies) opens the order book and starts receiving preliminary orders from the Institutional Investors. These orders will include the number of shares they wish to acquire and the price they are willing to pay within the pre-defined range.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_14beaf-48, .wp-block-kadence-advancedheading.kt-adv-heading_14beaf-48[data-kb-block=\"kb-adv-heading_14beaf-48\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading_14beaf-48 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_14beaf-48[data-kb-block=\"kb-adv-heading_14beaf-48\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_14beaf-48 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_14beaf-48[data-kb-block=\"kb-adv-heading_14beaf-48\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_14beaf-48 wp-block-kadence-advancedheading has-cinza-1-color has-text-color\" data-kb-block=\"kb-adv-heading_14beaf-48\">3.1.1.3.3.4. Revision of the Offer<\/p>\n\n\n\n<p>Until two days before the end of the public offer period and subject to the CMVM\u2019s authorisation, the offeror may review the terms and conditions of the offer, provided they are not less favourable, in global terms, to investors.<\/p>\n\n\n\n<p><strong>What are the effects of the offer revision?<\/strong><\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items_bab24a-70:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_bab24a-70 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_bab24a-70 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_bab24a-70 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items_bab24a-70 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}.kt-svg-icon-list-items_bab24a-70 ul.kt-svg-icon-list .kt-svg-icon-list-level-1 .kt-svg-icon-list-single svg{font-size:20px;}.kt-svg-icon-list-items_bab24a-70 ul.kt-svg-icon-list .kt-svg-icon-list-level-2 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items_bab24a-70 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-0 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Revision of the offer may lead to extensions of the respective time periods, decided upon by the CMVM either on its own initiative or at the request of the offeror.<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-1 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Statements of offer acceptance prior to amendment are considered effective for the modified offer. Nonetheless, the referred acceptance can be revoked.<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"20\" width=\"20\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">The amendment should be immediately disclosed by the same means used for the prospectus disclosure.<\/span><\/li><\/ul><\/div>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_dcb0b3-98, .wp-block-kadence-advancedheading.kt-adv-heading_dcb0b3-98[data-kb-block=\"kb-adv-heading_dcb0b3-98\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading_dcb0b3-98 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_dcb0b3-98[data-kb-block=\"kb-adv-heading_dcb0b3-98\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_dcb0b3-98 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_dcb0b3-98[data-kb-block=\"kb-adv-heading_dcb0b3-98\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_dcb0b3-98 wp-block-kadence-advancedheading has-cinza-1-color has-text-color\" data-kb-block=\"kb-adv-heading_dcb0b3-98\">3.1.1.3.3.5. Modification, revocation and Withdrawal of the Offer<\/p>\n\n\n\n<p>In case of unexpected and substantial change of circumstances, the offeror may modify or revoke the offer, subject to the CMVM\u2019s authorisation. <strong><\/strong><\/p>\n\n\n\n<p>Whenever the CMVM identifies that the offer contains any irreversible illegality or breach of regulation, it will order the offer\u2019s withdrawal.<\/p>\n\n\n\n<p>The revocation and the withdrawal of the offer are published by the CMVM, at the offeror\u2019s expense, by the same means used to disclose the Prospectus.<\/p>\n\n\n\n<p>The revocation and withdrawal of the offer determines the ineffectiveness of the offer (being returned or unlocked what has already been paid).<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_5ed416-a3, .wp-block-kadence-advancedheading.kt-adv-heading_5ed416-a3[data-kb-block=\"kb-adv-heading_5ed416-a3\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading_5ed416-a3 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_5ed416-a3[data-kb-block=\"kb-adv-heading_5ed416-a3\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_5ed416-a3 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_5ed416-a3[data-kb-block=\"kb-adv-heading_5ed416-a3\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_5ed416-a3 wp-block-kadence-advancedheading has-cinza-1-color has-text-color\" data-kb-block=\"kb-adv-heading_5ed416-a3\">3.1.1.3.3.6. Offer Suspension<\/p>\n\n\n\n<p>The CMVM will suspend the offer when any reparable illegality or violation of regulation is discovered. The defects that caused suspension need to be corrected in maximum 10 working days. Afterwards, if no correction is made, the CMVM will order the offer\u2019s withdrawal.<\/p>\n\n\n\n<p>If the offer is suspended, investors may withdraw their acceptance orders until the fifth day following the suspension.<\/p>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-tab kt-tab-inner-content kt-inner-tab-4 kt-inner-tab_8febc4-d8\"><div class=\"kt-tab-inner-content-inner\"><style>#kt-layout-id_90ec42-27 > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_90ec42-27 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_90ec42-27 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:40px;grid-template-columns:minmax(0, 1fr);}#kt-layout-id_90ec42-27 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_90ec42-27 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){#kt-layout-id_90ec42-27 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_90ec42-27\" class=\"kt-row-layout-inner kt-layout-id_90ec42-27\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_646049-1b > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_646049-1b > .kt-inside-inner-col,.kadence-column_646049-1b > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_646049-1b > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_646049-1b > .kt-inside-inner-col{flex-direction:column;}.kadence-column_646049-1b > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_646049-1b > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_646049-1b{position:relative;}@media all and (max-width: 1024px){.kadence-column_646049-1b > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_646049-1b > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_646049-1b\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading_0a0b1e-d5, .wp-block-kadence-advancedheading.kt-adv-heading_0a0b1e-d5[data-kb-block=\"kb-adv-heading_0a0b1e-d5\"]{font-size:18px;font-weight:bold;font-style:normal;text-transform:none;}.wp-block-kadence-advancedheading.kt-adv-heading_0a0b1e-d5 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_0a0b1e-d5[data-kb-block=\"kb-adv-heading_0a0b1e-d5\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_0a0b1e-d5 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_0a0b1e-d5[data-kb-block=\"kb-adv-heading_0a0b1e-d5\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p id=\"allocation-of-shares\" class=\"kt-adv-heading_0a0b1e-d5 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_0a0b1e-d5\">3.1.1.3.4. Allocation of SHARES<\/p>\n\n\n\n<p><strong>General principles<\/strong><\/p>\n\n\n\n<p>The shares are allocated to (each class of) investors in accordance with the principle of fair and equal treatment of investors.<\/p>\n\n\n\n<p>The Prospectus should contain information on how the shares will be allocated in the event of oversubscription. As a general rule, the allotment method in the Public Offer should be made on a pro-rata basis, but other methods may be chosen, subject to the CMVM\u2019s approval.<\/p>\n\n\n\n<p><strong>Over-allotment option<\/strong><\/p>\n\n\n\n<p>An overallotment option may be provided in the placement agreement, allowing Placement Financial Intermediary(ies), on behalf of the Company and selling shareholders,<a> <\/a>to accept orders of acquisition of more shares than the initially set. This option generally lasts for 30 calendar days after the closing of the offer and may not exceed a number of shares representing 15% of the amount of the Public Offering. The possibility of increasing the size of the offer up must be disclosed to the CMVM and included in the Prospectus.<\/p>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-tab kt-tab-inner-content kt-inner-tab-5 kt-inner-tab_2fc59c-8a\"><div class=\"kt-tab-inner-content-inner\"><style>#kt-layout-id_eea6bb-67 > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_eea6bb-67 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_eea6bb-67 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:40px;grid-template-columns:minmax(0, 1fr);}#kt-layout-id_eea6bb-67 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_eea6bb-67 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){#kt-layout-id_eea6bb-67 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_eea6bb-67\" class=\"kt-row-layout-inner kt-layout-id_eea6bb-67\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_114e7b-e4 > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_114e7b-e4 > .kt-inside-inner-col,.kadence-column_114e7b-e4 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_114e7b-e4 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_114e7b-e4 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_114e7b-e4 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_114e7b-e4 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_114e7b-e4{position:relative;}@media all and (max-width: 1024px){.kadence-column_114e7b-e4 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_114e7b-e4 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_114e7b-e4\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading_7bce67-6b, .wp-block-kadence-advancedheading.kt-adv-heading_7bce67-6b[data-kb-block=\"kb-adv-heading_7bce67-6b\"]{font-size:18px;font-weight:bold;font-style:normal;text-transform:none;}.wp-block-kadence-advancedheading.kt-adv-heading_7bce67-6b mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_7bce67-6b[data-kb-block=\"kb-adv-heading_7bce67-6b\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_7bce67-6b img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_7bce67-6b[data-kb-block=\"kb-adv-heading_7bce67-6b\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_7bce67-6b wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_7bce67-6b\">3.1.1.3.5. Assessment of Results, Settlement and Listing<\/p>\n\n\n\n<p>At the end of the offer period, the final number of shares is allocated to the Public Offering and to the Private Placement, if the offering comprises both.<\/p>\n\n\n\n<p>On the following day, the results of the Public Offering are assessed, by a financial intermediary or by the market operator.<\/p>\n\n\n\n<p>The Company must register the share capital increase with the commercial registry office, a formality necessary for the settlement of the offer.<\/p>\n\n\n\n<p>The settlement occurs with the payment to the Company (and selling shareholders if applicable) of the proceeds of the offering vs. the delivery of shares to investors (made through the credit of their shares accounts by the Financial Intermediaries through which the subscription\/acquisition orders were processed).<\/p>\n\n\n\n<p>Only after the settlement, the shares will be effectively admitted to trading on the stock market.<\/p>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Following the publication of the Prospectus, the public offer period begins and, if a Private Placement is also being held, the order book opens to collect orders from the Institutional Investors. This normally takes between 2 and 3 weeks.<\/p>\n","protected":false},"author":1,"featured_media":10357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[92],"tags":[],"class_list":["post-3002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-full-scope-ipo-process-ipo-with-prospectus"],"acf":[],"_links":{"self":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts\/3002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/comments?post=3002"}],"version-history":[{"count":19,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts\/3002\/revisions"}],"predecessor-version":[{"id":10354,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts\/3002\/revisions\/10354"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/media\/10357"}],"wp:attachment":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/media?parent=3002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/categories?post=3002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/tags?post=3002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}