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Today marks the start of the IPO of AS Infortar shares. Physical and legal persons in Estonia can subscribe for shares until next Thursday, December 7, within the price range of 26 to 32 euros per share.
The Estonian Financial Supervisory Authority (Finantsinspektsioon) has approved the prospectus for the initial public offering of Infortar shares. The company has also applied to Nasdaq Tallinn AS for the listing and admission of its shares for trading on the main list of the Nasdaq Tallinn Stock Exchange. The anticipated first trading day for Infortar shares is 14th of December.
Chairman of the Management Board of Infortar Ain Hanschmidt:
“We are opening our portfolio and wish to grow our success with new investors. Our portfolio that is focused on energy, maritime transport and real estate is diverse and international, proven in crises and has a big growth potential. According to our vision, Infortar is dedicated to developing the productivity of its companies – Eesti Gaas has become the biggest private capital energy company in the Finnish and Baltic region, Tallink has become the biggest maritime transport company on the Baltic Sea and for real estate we are one of the biggest asset owners in the region. We are long-term experienced investors and wish to provide dividend security to new investors.”
Managing Director of Infortar Martti Talgre:
“Infortar has a diverse portfolio, strong balance sheet and modest loan burden – our cash flow is secure and enables us to pay dividends. We determined the Offering amount based on the needs of the Company and the price range based on its appeal to the investors. Searching for and utilising of growth opportunities is in the DNA of Infortar. Growth has originated from international expansion and investments that amount to a quarter billion euros in the past years.”
Chairman of the Management Board of Eesti Gaas Margus Kaasik:
“Infortar owner Eesti Gaas earns most of its revenue from foreign markets. We have led the transition to western LNG in the area and thus won new clients and market share. Besides sales we have significantly increased our energy infrastructure sector by acquiring the biggest Latvian gas distribution network and built a bunkering ship. We are also actively involved in renewable energies by producing and selling local biogas and solar energy. In the long run we see natural gas as the main supporting energy type for renewable energy sources.”
According to the prospectus approved by the Estonian Financial Supervisory Authority, physical and legal persons in Estonia, as well as professional investors in European Economic Area member states and the United Kingdom, can subscribe for Infortar shares from 28 November at 10:00 AM until 7 December at 4:00 PM. The number of shares issued during the offering ranges from 1,200,000 to 1,980,000 shares. The price range for the offering is 26 to 32 euros per share, making the financial volume of the offering between 31.2 and 63.4 million euros. Subscription applications in the retail offering will be submitted at the highest level of the price range, which is 32 euros per share.
An investor wishing to subscribe for Infortar shares in the retail offering must contact their account operator, managing the investor's securities account at Nasdaq CSD SE Estonian branch (Nasdaq CSD), and submit a subscription order during the offering period according to the offering conditions. For institutional offering subscription, investors should contact the organizers of the offering.
Existing shareholders of Infortar have entered into a lock-up agreement, which restricts major shareholders from selling their Infortar shares without the consent of the offering organizers for 12 months, and minor shareholders for 6 months following the listing.
The disclosure of AS Infortar's initial public offering price, results, and allocation will take place on December 11th or a date close to it. Trading of Infortar shares on the main list of the Nasdaq Tallinn Stock Exchange will commence on December 14th or a date close to it.
The expected timetable of the offering is as follows:
28 November 2023 | Publication of the Prospectus |
28 November 2023 at 10:00 (Estonian time) | Offer Period commences |
7 December 2023 at 16:00 (Estonian time) | Offer Period ends |
On or about 11 December 2023 | Decision on the Offer Price and allocation of the Offer Shares |
On or about 13 December 2023 | Settlement of the Offering |
On or about 14 December 2023 | Listing and commencement of trading of Shares on the Nasdaq Tallinn Stock Exchange. |
AS Infortar's primary public offering organizers are LHV and Swedbank. Ellex Raidla serves as Infortar's legal advisor, while Cobalt is the legal advisor for the banks involved. Hamburg ja Partnerid is the communication advisor. Detailed information about the offering is available in the prospectus, accessible electronically on Infortar's website (https://infortar.ee/et/ipo) and the Financial Supervisory Authority's website www.fi.ee.
Infortar operates in five countries, with its main areas of activity in energy, maritime transport, and real estate. It holds nearly a 42 percent stake in AS Tallink Grupp, 100 percent ownership of AS Eesti Gaas, and a diverse and modern real estate portfolio of around 100,000 square meters. In addition to these core areas, Infortar is involved in construction, mining, printing, taxi services, and other sectors. The Infortar group comprises a total of 104 companies: 48 group companies, 5 associates, and 50 subsidiaries of associated companies. Excluding associated companies, Infortar employs 1,333 individuals.
Before making an investment decision, investors should read the Prospectus and the summary of the Prospectus and, if necessary, consult with a person specialising in advising on such investments.
Further enquiries:
Kadri Laanvee
Head of Investor Relations of AS Infortar
----Important notice——
This notice is not intended for distribution directly or indirectly in the United States or in any other country where dissemination, sharing, or transmission would be unlawful or to persons subject to financial sanctions by competent authorities. This notice is an advertisement and not a prospectus within the meaning of the Prospectus Regulation. Before making any investment decision regarding the securities referred to in this notice, investors should read the prospectus to fully understand the risks and benefits associated with the investment. The company's shares are publicly offered only in Estonia. The prospectus is available on the Financial Supervisory Authority's website (www.fi.ee) and the company's website (https://infortar.ee/et/ipo). The approval of the prospectus by the Finantsinspektsioon (Financial Supervisory Authority) should not be construed as an endorsement of the securities.
