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In the initial public offering (IPO) of AS Infortar, a total of 5,517 retail investors from Estonia and professional investors from Europe participated. The total volume of subscriptions submitted by investors reached 41.4 million euros, which is 1.3 times more than the base offer size of 31.2 million euros.
The final price for AS Infortar shares was confirmed at 26 euros. The company decided to allocate a total of 1,360,000 offered shares to investors, with 160,000 shares to be distributed through the overallotment option. The total offering size, based on the final price, amounted to 35.4 million euros. The expected first trading day for Infortar shares is December 14.
"When the economy declines, Infortar grows, raises funds, and goes public. Conducting the IPO in our characteristic contrarian manner, we managed to achieve a strong result in a challenging environment. Going public and raising capital gives us an extra boost for international expansion. We appreciate those who trusted us and our portfolio – all retail investors who subscribed to Infortar will receive shares in the desired quantity and at the lower end of the price range," said CEO Ain Hanschmidt.
"Infortar's IPO is the largest in the Baltic region in the last two years, and based on market capitalization, it is the third-largest company on the Nasdaq Tallinn Stock Exchange. Despite a challenging environment, the transaction proved successful and provides Infortar with the opportunity to realize its development plans as a public company with a broad shareholder base. The active participation of retail investors, which was also a significant focus for the company, is pleasing," said Mihkel Torim, Head of Investment Banking at LHV.
According to the prospectus for Infortar's initial public offering, individuals and entities in Estonia, as well as professional investors in European Economic Area member states and the United Kingdom, could subscribe to shares from November 28 to December 7. Trading of Infortar shares on the Nasdaq Tallinn Stock Exchange's Baltic Main List begins on December 14 or a nearby date.
Existing shareholders of Infortar have entered into a lock-up agreement, stipulating that major shareholders are not allowed to sell their Infortar shares without the consent of the organizers for 12 months, and minor shareholders for 6 months from the listing of the shares.
LHV and Swedbank organized the initial public offering of AS Infortar, Ellex Raidla served as Infortar's legal advisor, Cobalt as the legal advisor for the banks, and Hamburg ja Partnerid as the communication advisor. Details of the offering are provided in the prospectus, available electronically on Infortar's website (https://infortar.ee/et/ipo) and the Financial Inspectorate (FI) website www.fi.ee.
For more information:
Kadri Laanvee
Head of Investor Relations, AS Infortar
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Not for distribution in the United States of America or in any other jurisdiction where such distribution would be illegal. This is an advertisement. Before making an investment decision, please read the prospectus at www.infortar.ee/et/ipo to fully understand all associated potential risks and rewards. The approval of the prospectus by the Estonian Financial Supervision and Resolution Authority should not be understood as an endorsement of the securities offered by the issuer.
