EBRD invests in Port of Tallinn to support IPO

EBRD invests in Port of Tallinn to support IPO
By bne IntelliNews June 18, 2018

The European Bank for Reconstruction and Development (EBRD) has acquired a 3.6% stake in the Estonian infrastructure company AS Tallinna Sadam, the manager of the port of Tallinn, supporting the port’s IPO, the EBRD said on June 15.

The EBRD said the decision to invest supports the IPO, which raised €147mn by offering a 33% stake in Tallinna Sadam to investors in the largest listing on the Tallinn Stock Exchange in over 10 years. The Estonian government remains the majority stakeholder in the company.

Port of Tallinn is among of the largest such companies in the Baltic states, providing port services as a landlord port. It handled 10.6mn passengers last year, a growth of 4% over 2016. However, cargo volumes fell 5% to 19.2mn tonnes in 2017.

Port of Tallinn also provides ferry transportation services between Estonia's mainland and its two largest islands, Saaremaa and Hiiumaa, as well as icebreaking and maritime support services.

Trading Tallinna Sadam stock began on June 13 with shares debuting at €2.05, higher than the subscription price of €1.7.

Related Articles

France reportedly offers Iran $15bn Instex credit line for sanctions-protected trade

France has reportedly proposed providing Iran with a $15bn credit line that would oil the wheels of the EU’s Instex (Instrument in Support of Trade Exchanges) channel for Iranian and European ... more

IPO demand accumulating in Turkey in advance of normalisation of markets says JPMorgan top executive

JPMorgan Chase & Co anticipates that Turkey’s capital markets will return to life as the country’s inflation and interest rates decline, Mustafa Bagriacik, chief executive officer of the ... more

Iran’s cabinet gives nod to dropping four zeros from rial and name change to toman

The Rouhani cabinet has agreed in principle to remove four zeros from the Iranian rial (IRR), making $1 equal to IRR12 instead of the current IRR120,000, Fars News Agency reported on July 31. ... more

Dismiss