Carnegie acted as Joint Global Coordinator and Joint Bookrunner in the EUR 147m Privatization and IPO of Port of Tallinn on Nasdaq Tallinn

Port of Tallinn’s IPO is one of the largest Baltic IPO’s in the 21st century. The Offering attracted very strong interest from Estonian, Nordic and other international institutions as well as retail investors. The offering was multiple times oversubscribed.

Port of Tallinn, the owner of one of the largest landlord port facilities in the Baltic Sea Region, was listed today and had its first day of trading on the Baltic Main List of the Nasdaq Tallinn Stock Exchange.

  • The price per share in the offering was EUR 1.70, corresponding to a total value of the outstanding shares in Port of Tallinn upon completion of the offering of EUR 447m
  • The Offering comprised 75,404,968 New Shares and the Government Shareholder sold 11,300,000 Existing Shares in connection with the IPO

    – The total Offer size was EUR 147m

    – The Government Shareholder has also granted a put option with respect to the same number of Existing Shares for stabilisation purposes (“Reverse Greenshoe”)

  • European Bank for Reconstruction and Development (“EBRD”) acted as an anchor investor in the Offering
  • Trading in the shares in Port of Tallinn on Nasdaq Tallinn commenced today, 13 June 2018, under the ticker “TSM1T”

The Group is the owner of the third largest passenger port in the Baltic Sea Region, the fourth largest passenger port in Northern Europe in terms of passenger traffic (10.6 million passengers in 2017) and the largest cargo port in Estonia in terms of cargo volumes (19.2 million tonnes in 2017). The Group has a diversified portfolio of operations, including passenger harbours, cargo harbours, domestic ferry service connecting Estonia’s mainland with its two largest islands, and other services (which include the provision of ice-breaking and other maritime support services utilising the Group’s ice-breaker, Botnica, and the provision of waste management services mainly through its joint venture, AS Green Marine). In 2017, the Group generated revenue of €121.3 million, an Adjusted EBITDA of €66.5 million and a profit for the period of €26.4 million.

Carnegie acted as Joint Global Coordinator and Joint Bookrunner