Trading in Hepsor’s bonds begins on the Nasdaq Baltic Bond List

Ellex in Estonia advised Hepsor AS, an Estonian residential and commercial real estate developer, on the public offering and admission to trading on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange of the second series of bonds under its EUR 20 million bond programme.

The offering was conducted based on the base prospectus approved by the Estonian Financial Supervision Authority on 10 November 2025, supplemented on 21 August 2026 for the second series offering. The bonds were issued with a nominal value of EUR 1,000, a fixed interest rate of 9.50% per annum and a maturity date of 11 September 2029. A total of 974 investors from all three Baltic states participated in the offering, subscribing for bonds in the total amount of EUR 7.1 million. The base volume of EUR 3 million was oversubscribed 2.4 times, as a result of which Hepsor increased the total offering volume to EUR 5 million.

The commencement of trading was marked with the traditional opening bell ceremony at the Nasdaq Tallinn Stock Exchange on 14 September 2026.

The Ellex advisory team included Gerli Kivisoo, Kevin Gerretz, Karoline Poska and Hendrik Viimsalu.