Port of Tallinn IPO priced successfully

The initial public offering of the shares of AS Tallinna Sadam has been successfully priced. The offering consisted of an offer of 86,704,968 ordinary shares of the company, including 75,404,968 new ordinary shares and 11,300,000 existing ordinary shares. The current sole shareholder, the Republic of Estonia approved a final price of EUR 1.70 per share, in the top quartile of the EUR 1.40 – 1.80 price range, resulting in total gross proceeds of the offering of EUR 147.4 million.

In total 102 institutional investors from 22 countries and 13,723 Estonian retail investors participated in the offering. The offering was oversubscribed by more than three times at issue price of the offering.

Estonian institutional demand comprised approximately 29% of the total institutional demand, of which the majority was generated by Estonian pension funds. Total Baltic institutional demand comprised 34% of the total institutional demand, with the rest of demand coming from institutions in the Nordics 27%, UK 21%, the rest of Europe 8%, U.S. 8% and others 1%. Estonian retail demand comprised 23% of the total demand.

Superia Corporate Finance, in partnership with STJ Advisors acted as financial adviser to the Company.

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