Infortar, with its diverse investment portfolio, is set to go public
The initial public offering is open
from November 28 to December 7
Infortar will list its shares on the stock exchange and give you the opportunity to be part of the growth of a company with diversified business and investment activities.
- One of the largest investment holding companies in the Baltics
- Main sectors: energy, maritime shipping, and real estate
- Diversified investment portfolio
- International growth ambitions
- Unique expertise in managing large investments
- Planned dividend of at least one euro per share
Subscription period has ended.
About the company
Infortar is one of the largest investment holding companies by assets in the Baltics. The Group’s focus is on three main areas of activity: energy, maritime shipping, and real estate, complemented by investments in other businesses supporting the main areas of activity.
In its more than 25 years of operation, Infortar has gradually grown its investment portfolio, and today the Group comprises 48 subsidiaries. Infortar has a 100% holding in AS Eesti Gaas, Estonia’s largest gas group, and an approximately 42% holding in AS Tallink Grupp, the leading maritime shipping and transport group in the area of the Baltic Sea. In addition, Infortar owns a wide range of real estate, mainly in and around Tallinn, as well as other companies supporting its core business.
The Group's investment action plan for the coming years includes projects worth a total of EUR 110 million, the most important of which are the construction of an office and warehouse building for Rimi, the expansion of the Tallink Duty Free logistics centre, the construction of a commercial building for the Tallink tennis centre, the construction of the Hiiu health centre, and the construction of solar power plants in Estonia and Latvia.
Initial public offering of shares
Price
The price range of the offer is EUR 26 to 32. Investors participating in the retail offer can only subscribe for shares at a price corresponding to the upper limit of the price range, i.e., EUR 32 per share. The final offer price of the shares is expected to be disclosed in a stock exchange announcement on or around 11 December. The final price is the same for all investors.
Volume of offering
Company is offering up to 1,200,000 newly issued ordinary shares with the possibility to increase the number of the offered ordinary shares up to 1,800,000 newly issued ordinary shares. In addition, Swedbank AS, as stabilising arranger, has the right to, with the approval of AS LHV Pank, allocate to the investors additionally up to 180,000 Offer Shares (overallotment shares). Upon the allocation of the overallotment shares to the investors in full, the total number of the Offer Shares is 1,380,000 (in case the offering is carried out in the base volume) or 1,980,000 (if the volume of the offering is increased). Taking into account the minimum and maximum amount of Offer Shares (including Overallotment Shares) and the price range the monetary amount of the Offering is between 31.2 to 63.4 million euros.
Shares
The company has one type of ordinary shares. Each share entitles the holder, among other things, to vote at the company’s general meeting of shareholders and to receive dividends. The shares acquired in the offer entitle the holder to dividends for 2023 and subsequent financial years.
Offer period
The subscription period of the shares begins on 28 November at 10.00 and ends on 7 December at 16.00.
Participation
The retail offer is addressed to all natural and legal persons in Estonia. In order to subscribe for shares, you need to have a Baltic securities account opened through Nasdaq CSD Estonia’s account manager.
Distribution
The results of the offer and the allocation will be announced on or around 11 December. More detailed allocation principles are described in the offer prospectus. If more than one subscription application is made by the same investor, they will be aggregated for the purposes of allotment and settlement.
Commencement of trading
The allotted shares are expected to be credited to investors’ securities accounts on or around 13 December. The company plans to list its shares on the Baltic Main List of Nasdaq Tallinn and trading will start on or around 14 December.
Dividend policy
The dividend policy of Infortar is to aim to pay a dividend of at least EUR 1 per share per financial year. Dividend payments are planned to be made in two instalments.
Organisers
The share offer of Infortar is organised by LHV and Swedbank. The settlement agent for the offer is LHV.
Prospectus and conditions of the offering
The exact terms of the offer can be found in the offer prospectus.
How to acquire shares?
Open an account
If you are not yet a client of LHV Pank, open an account with LHV.
Investment services agreement
Conclude an investment services agreement.
Securities account
To participate in the offering, you also need an account with the Baltic Central Securities Depository. You can open one free of charge via LHV Internet Bank. Open a Baltic securities account
Subscription of shares
You can subscribe for shares in Infortar from 28 November at 10.00 to 7 December at 16.00. Subscribing for shares via LHV is without a service fee.
The maximum number of shares you want to acquire must be indicated on the subscription form. At the time of subscription, you must have the amount of funds needed for subscription in your bank account, which will be reserved until the allotment of shares.
LEI-code
A company or any other legal entity also needs an LEI code to subscribe for shares.
FAQ
The public offering of Infortar shares will take place during the period from 28 November 2023 at 10.00 to 7 December 2023 at 16.00.
Infortar shares can be subscribed for at all Nasdaq Estonia branch account managers. In order to subscribe for shares, you need an investment services agreement and a Baltic securities account. In order to subscribe under the company, it is also necessary to have a LEI code. To apply, please contact your account manager.
As an LHV client, you can conveniently subscribe via the Internet Bank by selecting Investing > Securities Subscription. Holding Baltic securities in LHV Pank is free of charge. You can also conclude the investment services agreement and Baltic securities account that you need to subscribe via the Internet Bank.
The results and distribution of the issue are expected to be known on 11 December 2023 (or close to that date). The shares are expected to be credited to shareholders’ accounts on 13 December 2023 (or close to that date).
More information from the prospectus.
The public offer is aimed at Estonian retail investors. All Estonian individuals and companies can subscribe for shares in the share issue.
To subscribe for shares, you must submit a subscription application to your account manager. As an LHV client, you can conveniently submit the application via the Internet Bank by selecting Investing > Securities Subscription.
More information from the prospectus.
No limit has been set on subscription during issue. The smallest number of shares that can be subscribed for is one share, but the maximum number of shares that can be subscribed for is 1 800 000.
In addition, the organizers of the Offer have the right to distribute up to 180 000 ordinary shares to the investors, according to the distribution of the offer decided by Infortar. In the event of the full distribution of shares to be distributed to investors, the total number of shares offered will be 1 380 000 (in case the offer is carried out in the base volume) and 1 980 000 (in case the offer volume is increased).
More information from the prospectus.
The subscription price range is stipulated in the prospectus published on 28.11. The final price of the offered shares will be determined at the end of the subscription period based on the actual share subscription and the share allocation principles published in the prospectus.
The amount needed for subscription must be in the account at the time of submission of the subscription order. The amount will be reserved until the settlement of the allotted shares has been completed or the money is released in accordance with the conditions set out in the prospectus.
In the event of oversubscription, Infortar will have the right to increase the number of shares offered by up to 600,000 shares, i.e., to approve a total issue size of up to 1,800,000 shares. In addition, the offer managers have the right to allot up to 180,000 additional ordinary shares to investors, subject to the allotment of the offer as decided by Infortar. In the case of full allotment of the overallotment to investors, the total number of shares to be offered is 1,380,000 (if the offer is made at the base size) and 1,980,000 (if the offer is increased in size).
Shares will be allotted to subscribers who have submitted a subscription order in accordance with the timetable and conditions established in the offer. In the case of multiple subscription orders submitted through the same or several securities accounts (including a nominee account), all subscription orders submitted by each investor will be aggregated for the purpose of allotment.
When allocating shares, Infortar, after consulting with the organizers of the offer (LHV Pank and Swedbank), may give preference to existing shareholders of Infortar, members of the Management Board and the Supervisory Board of Infortar and its subsidiaries and affiliates, as well as employees or persons in a similar employment relationship, over other investors.
The results and distribution of the issue are expected to be known on 11 December 2023 (or close to that date). The shares are expected to be credited to shareholders’ accounts on 13 December 2023 (or close to that date).
More detailed allotment principles are described in the offer prospectus.
You can open a Baltic securities account with the Baltic account manager of your choice. To apply, please contact your account manager.
If you do not have a Baltic securities account and would like to use LHV Pank as your account manager, select Information and Settings > Agreements from the left menu in the LHV Internet Bank and conclude a Baltic securities account agreement.
Signing an investment services agreement and Baltic securities account agreement with LHV Pank is free of charge. We also do not charge a fee for holding Baltic securities.
It is good to know that you can subscribe for securities as soon as you open a Baltic securities account. However, you can carry out financial securities transactions (including a purchase-sale transaction on the stock exchange or a securities transaction against payment) within 24 hours of opening an account.
The allotment of shares is personal. Thus, if you subscribe for shares from more than one account (including a nominee account), your subscription orders will be aggregated and allocated among your accounts in proportion to the number of shares subscribed (but not more than the total number of shares subscribed by you from different accounts). For example, if you have 100 shares in your securities account and 40 shares in your pension investment account, and you are allotted a total of 70 shares, you will receive 50 + 20 shares, respectively.
For more information, please visit infortar.ee/et/ipo or read the prospectus available on the websites of Finantsinspektsioon and Infortar at fi.ee and infortar.ee. If necessary, please consult an expert.
Share in the growth of Infortar with a broad investment portfolio
Subscription period has ended.
The website contains information about the public offering of the shares of AS Infortar (Issuer). The public offering is conducted by the Issuer, and the information published on this website is based on the information and prospectus disclosed by the Issuer. AS LHV Pank assumes no responsibility for the correctness or completeness of such information. The information on this website is an advertisement for the purposes of Regulation (EU) 2017/1129 of of the European Parliament and of the Council of 14 June 2017 and is not a sale offer of Issuer’s shares or a solicitation for subscription. Information published on this website, except for the prospectus published herein, has not been approved by any regulatory authority and it does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129, as amended. The Issuer carries out the offering of shares based on the prospectus approved by the Estonian Financial Supervision and Resolution Authority (EFSA) and published on the date of the announcement of the public offering. Before making an investment decision all investors should read the prospectus of the Issuer and if necessary, consult an expert. Each investor should base their investment decision, as regards the shares of the Issuer, solely on the information contained in the Issuer’s prospectus that has been approved by the EFSA in order to fully understand the potential risks and rewards associated. The prospectus is available on the websites of the EFSA (at www.fi.ee) and of Issuer (at https://infortar.ee/et/ipo). The approval of the prospectus by the EFSA should not be understood as an endorsement of the shares of the Issuer.
The information on this part of the website is not for release, publication or distribution, partially or fully, directly or indirectly, in the United States of America, Canada, Hong Kong, Japan, Singapore, South-Africa or any other jurisdiction or on circumstances where to do so would be unlawful or to any persons to whom the competent authorities have applied financial sanctions. Shares of the Issuer are publicly offered only in the Republic of Estonia and no sale or offer of shares takes place in any such jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the relevant laws of any such jurisdiction or to persons to whom competent authorities have applied financial sanctions. Information available on this website may be relied upon only by persons in Estonia. Persons who enter the webpage, take part of this information and are subject to the laws and regulations of any such jurisdiction will need to inform themselves about, and observe, any applicable restrictions or requirements.
Important information
The website you are entering contains information about the public offering of the shares of AS Infortar (Issuer).
The public offering is conducted by the Issuer, and the information published on this website is based on the information and prospectus disclosed by the Issuer. AS LHV Pank assumes no responsibility for the correctness or completeness of such information. The information on this website is an advertisement for the purposes of Regulation (EU) 2017/1129 of of the European Parliament and of the Council of 14 June 2017 and is not a sale offer of Issuer’s shares or a solicitation for subscription. Information published on this website, except for the prospectus published herein, has not been approved by any regulatory authority and it does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129, as amended. The Issuer carries out the offering of shares based on the prospectus approved by the Estonian Financial Supervision and Resolution Authority (EFSA) and published on the date of the announcement of the public offering. Before making an investment decision all investors should read the prospectus of the Issuer and if necessary, consult an expert. Each investor should base their investment decision, as regards the shares of the Issuer, solely on the information contained in the Issuer’s prospectus that has been approved by the EFSA in order to fully understand the potential risks and rewards associated. The prospectus is available on the websites of the EFSA (at www.fi.ee) and of Issuer (at https://infortar.ee/et/ipo). The approval of the prospectus by the EFSA should not be understood as an endorsement of the shares of the Issuer.
The information on this part of the website is not for release, publication or distribution, partially or fully, directly or indirectly, in the United States of America, Canada, Hong Kong, Japan, Singapore, South-Africa or any other jurisdiction or on circumstances where to do so would be unlawful or to any persons to whom the competent authorities have applied financial sanctions. Shares of the Issuer are publicly offered only in the Republic of Estonia and no sale or offer of shares takes place in any such jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the relevant laws of any such jurisdiction or to persons to whom competent authorities have applied financial sanctions. Information available on this website may be relied upon only by persons in Estonia. Persons who enter the webpage, take part of this information and are subject to the laws and regulations of any such jurisdiction will need to inform themselves about, and observe, any applicable restrictions or requirements.
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