Real estate developer Hepsor begins an initial public offering of its shares

Ellex in Estonia advised Hepsor on the initial public offering of its shares.

The real estate development company Hepsor begins an initial public offering of its shares to new investors with a view to listing its shares on the Baltic Main List of the Nasdaq Tallinn stock exchange.

Both retail and institutional investors can subscribe for the shares from 10 a.m. on 10 November to 4 p.m. on 19 November. The subscription price per share is 11.7 euros. The company wants to raise up to ten million euros from new investors. Detailed information can be found in the prospectus and on Hepsor’s website.

The results of the IPO and the distribution of shares among investors are planned to be announced on or about 22 November 2021. The first trading day for Hepsor shares on the Baltic Main List of Nasdaq Tallinn is scheduled on or about 26 November 2021.

According to Henri Laks, Chairman of the Management Board of Hepsor, the IPO allows Baltic-region investors to invest in a fast-growing real estate development company operating in the Estonian and Latvian markets and the strongly positioned real estate sector in general. “We intend to use the funds to finance our continued rapid growth, as in the next four to five years, we plan to develop more homes and commercial premises than we have done in the previous ten years of operation,” said Laks. The company’s portfolio includes 22 new development projects at a preparatory stage and the total area of which will be approximately 140,000 square metres.

Laks said the IPO is to make Hepsor a listed company with the largest possible circle of owners. He added that Hepsor would be a growth rather than a dividend share, at least in the coming years, because Hepsor wants to reinvest profits in the company’s growth and new projects. “The IPO’s timing has to do with our rapid growth ambitions and the launch of several new large development projects, such as the Manufactory Quarter in North Tallinn,” said Laks.

Hepsor AS was advised on the initial public offering by Ellex Partner Gerli Kivisoo and Associate Kevin Gerretz.