How is the indicative offer price range calculated?

The underwriter values the company using an absolute valuation method or a relative valuation method that compares it with similar companies, and calculates the indicative offer price range.

The final offer price is determined through book-building among institutional investors with reference to this range. The basis for the offer price can be found in the prospectus under 'Opinion on the offer price' in the 'Underwriter's opinion' section.