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Estonia

One step closer to Tallinn port's IPO

Publication date: 2017-08-25

Tags: maritime, estonia

One step closer to Tallinn port's IPO

Baker McKenzie and COBALT have been selected as legal advisers to the Initial Public Offering (IPO) of the state-owned Port of Tallinn.

The two companies have beaten eight other joint offerings submitted in an international competition organised by the port together with the independent financial advisers STJ Advisors and Superia.

The role of the legal adviser will be to assist the issuer in all legal aspects of the IPO process, including organising the preparation of the issue prospectus, as well as giving the legal confirmations related to the issue.

In September, the Estonian Government is to receive a detailed plan and schedule of the IPO. Next, parties that will carry out the IPO will be selected.

The Port of Tallinn's IPO concerns a public quotation of up to 30% of its shares on the Nasdaq Tallinn Stock Exchange. The goal is to list the shares by the end of 2018's first half.

"The deciding factors in the selection were the reasonable price combined with the international experience of Baker McKenzie, and the local market knowledge of COBALT. Both firms have extensive prior advisory experience, both in terms of capital market transactions in general, as well as in providing legal advice in similar IPOs in particular," Marko Raid, CFO and Board Member, the Port of Tallinn, said.

The Port of Tallinn's headquarters in the Muuga Harbour (photo: the Port of Tallinn)

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