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Infortar's IPO has ended

Timetable of the IPO


From 28 November 2023 at 10:00 AM until 7 December 2023 at 4:00 PM, investors had the opportunity to submit subscription applications to participate in the public offering of shares.


On 11 December 2023, or a nearby date, the results and allocation of the public offering of shares will be disclosed. Detailed allocation principles are described in the prospectus. Shares will be credited to shareholders' accounts expectedly on 13 December 2023, or a nearby date.


Trading of Infortar shares on the Nasdaq Tallinn Stock Exchange's Baltic Main List is expected to commence on 14 December 2023, or a nearby date.

Terms of the Offer

Public Offering Volume

The IPO has ended. Company was offering up to 1,200,000 newly issued ordinary shares with the possibility to increase the number of the offered ordinary shares up to 1,800,000 newly issued ordinary shares. In addition, Swedbank AS, as stabilising arranger, has the right to, with the approval of AS LHV Pank, allocate to the investors additionally up to 180,000 Offer Shares (overallotment shares). Upon the allocation of the overallotment shares to the investors in full, the total number of the Offer Shares is 1,380,000 (in case the offering is carried out in the base volume) or 1,980,000 (if the volume of the offering is increased). Taking into account the minimum and maximum amount of Offer Shares (including Overallotment Shares) and the price range the monetary amount of the Offering is between 31.2 to 63.4 million euros.

Subscription Price

The Offer Shares are offered at a price range of 26.00 to 32.00 euros per Offer Share. A retail investor participating in the Retail Offering may submit a subscription order for subscribing for the Offer Shares only at a price that corresponds to the upper end of the price range, i.e. 32.00 euros per one Offer Share.


Infortar is Estonia's largest investment holding company.

Over a span of more than twenty-five years of operation, Infortar has gradually expanded its investment portfolio. Operating in five countries, the company's main areas of activity are in energy, maritime transport and real estate. Infortar holds an approximately 42% stake in AS Tallink Grupp, owns 100% of AS Eesti Gaas and possesses a diverse and modern real estate portfolio spanning approximately 100,000 square meters.

In addition to its three primary sectors, Infortar also operates in construction, mining, printing, taxi services and other fields.

Infortar group comprises a total of 104 companies: 48 group companies, 5 affiliated companies, and 50 subsidiary companies of affiliated entities. Without taking into account affiliate companies, Infortar provides jobs for 1333 people

Rational investment decisions

Long-term investment strategy.

Investing in ventures that add value and support synergies among investments.

An active investor who participates in the decision-making process and takes responsibility.

Strong team

A reliable, open, and determined team is the key to long-term success.

Leadership with broad experience and knowledge to discover new value-adding investments.

Unique platform

A distributed and internationally diversified portfolio with high entry barriers.

Access to high-volume investment opportunities in the nearby region.

Value growth

The goal is to achieve stable and above-average investment value growth.

A strong asset base lays the foundation for stable and diversified cash flow.


The prospectus has been published in accordance with the requirements of EU Regulation 2017/1129/EU and is accessible on the websites of the Finantsinspektsioon (Financial Supervisory Authority of Estonia) and AS Infortar at the addresses or Approval of the prospectus by the Financial Supervisory Authority should not be considered as an endorsement of the securities being offered.


Frequently Asked Questions

Expanding the investor base and joining the stock market gives us the opportunity to grow internationally even faster, increase asset value, and find additional funding options. For investors, this means the chance to be part of a diverse and cross-border portfolio, resilient in crises and inflation, offering both tangible assets and growth potential.

Infortar's sectors—energy, maritime transport and real estate—are capital-intensive, stable, with strong cash flows, and high entry barriers. Investments across these three sectors provide sufficient diversification while allowing us to maintain focus. A strong and diversified portfolio has provided us with a platform for continued growth.

In recent years, we've made substantial investments, one of the largest being the acquisition of the Latvian gas distribution network Gaso. Our goal is to expand in energy to new markets and increase our real estate portfolio. Infortar's investment plans do not include Tallink; they have their decision-making process and investment plan.

In the retail offering, all physical and legal persons holding accounts at the Nasdaq CSD SE Estonian branch, who do not qualify as professional investors under securities market rules, can subscribe to shares. Additionally, Infortar's employees, subsidiaries, and board members can participate in the retail offering.

To subscribe for shares, one must open a securities account at a bank offering investment services. For subscribing as a legal entity, having an LEI code is necessary. Then, funds need to be transferred to the securities account, and a subscription application submitted. The subscription application can be submitted through channels provided by the account manager—the easiest way is through online banking. A detailed list of account managers can be found here.

Infortar's initial public offering of shares will take place from 28 November 2023, to 7 December 2023. The subscription for shares ends on Thursday, 7 December at 4:00 PM. Results and share allocation will be announced on 11 December or a nearby date. Trading of Infortar shares on the Nasdaq Tallinn Stock Exchange's Baltic Main List starts on 14 December or a nearby date.

The price range is set in the prospectus published on 28 November. The final share price will be determined at the end of the subscription period based on actual subscriptions and the principles of shares outlined in the prospectus.

In case of oversubscription, the company along with organizing banks will decide on the optimal share allocation. In case of undersubscription, alternatives include reducing the offer size or canceling the offering.

Infortar and its subsidiaries' employees can subscribe to shares at the same price as other retail investors. The principles of share allocation are outlined in the prospectus.

Several Infortar executives have indicated their intention to participate in the issuance.

Shareholders who acquire shares through the public offering will be eligible for dividends starting from XXXX based on the financial results of XXXX.

Important Information

The information on this website is an advertisement for the purposes of Regulation (EU) 2017/1129 of of the European Parliament and of the Council of 14 June 2017 and is not a sale offer of Issuer’s shares or a solicitation for subscription. Information published on this website, except for the prospectus published herein, has not been approved by any regulatory authority and it does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129, as amended. The offering of shares is carried out solely based on the prospectus approved by the Estonian Financial Supervision and Resolution Authority (EFSA) and published on the date of the announcement of the public offering. Before making an investment decision all investors should read the prospectus of the Issuer and if necessary, consult an expert. Each investor should base their investment decision, as regards the shares of the Issuer, solely on the information contained in the Issuer’s prospectus that has been approved by the EFSA in order to fully understand the potential risks and rewards associated. The prospectus is available on the websites of the EFSA (at and of Issuer (at The approval of the prospectus by the EFSA should not be understood as an endorsement of the shares of the Issuer.
The information on this part of the website is not for release, publication or distribution, partially or fully, directly or indirectly, in the United States of America, Canada, Hong Kong, Japan, Singapore, South-Africa or any other jurisdiction or on circumstances where to do so would be unlawful or to any persons to whom the competent authorities have applied financial sanctions. Shares of the Issuer are publicly offered only in the Republic of Estonia and no sale or offer of shares takes place in any such jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the relevant laws of any such jurisdiction or to persons to whom competent authorities have applied financial sanctions. Information available on this website may be relied upon only by persons in Estonia. Persons who enter the webpage, take part of this information and are subject to the laws and regulations of any such jurisdiction will need to inform themselves about, and observe, any applicable restrictions or requirements.