Initial public offering of Enefit Green shares

21 October, 2021

Ellex advised Enefit Green on the initial public offering (IPO) of the shares. As of today, the shares are listed on the Baltic main list of Nasdaq Tallinn Stock Exchange.

The offering was successful and was oversubscribed multiple times. The total proceeds of the offering were 175 million euros, of which 100 million euros was raised by Enefit Green and Eesti Energia additionally sold existing shares for 75 million euros. Both international and local institutional investors participated in the offering as well as 60,335 retail investors in Estonia, Latvia and Lithuania, exceeding the previous record multi-fold.

Hando Sutter, Chairman of the Supervisory Board of Enefit Green, said that the record interest and aspiration of retail investors to be involved in the green transition showed confidence in Enefit Green’s team and plan. “The successful completion of the transaction and the great interest of investors encourages Enefit Green team to continue to think big,” Sutter acknowledged.

According to Aavo Kärmas, Chairman of the Management Board of Enefit Green, more than 60,000 investors gave an extremely strong mandate to implement the company’s growth plan. “In many ways, Enefit Green has been a pioneer in the field of renewable energy for almost 20 years. The company has grown into one of the leading diversified producers of green energy in the Baltic Sea region. Our dedicated team will implement the company’s growth strategy with the help of the money raised during the share offering and increase our renewable energy production capacity 2.3-fold by 2025 as compared to today.”

Enefit Green’s legal advisors are Ellex and Cleary Gottlieb Steen Hamilton. Ellex team was led by Triin Frosch and Kadi Sink, and included Gerli Kivisoo, Martin Käerdi, Martin Mäesalu, Martin Triipan, Raino Paron, Sven Papp, Dmitri Rozenblat, Gerda Liik, Hanna Pahk, Jaanus Ikla, Maria Teder, Martin Raude, Alla Kuznetsova, Karin Tartu, Kevin Gerretz, Liisbeth Lillo, Merlin Liis-Toomela, Lotte Suislepp and Miikael Tuus. The Estonian team was supported by Ellex teams in Latvia and Lithuania. Latvian team included Raimonds Slaidiņš, Iveta Ceple, Beata Plociņa, Marta Cera, Ineta Kaņepe and Eduards Dzintars. Lithuanian team included Paulius Gruodis, Mantas Juška, Gabrielė Vazniokaitė, Antanas Butrimas, Edvinas Beikauskas and Gintaras Balčius.