Estonian animation studio Imepilt AS has cancelled its initial public offering (IPO) of shares that was slated to finish on late December 11, explaining that alternative financing decision has been found.

Imepilt AS management board member Sten-Aleks Pihlak said in a press release that the company had prepared thoroughly for the IPO. However, in the course of the process they received a clear signal of interest on the part of private investors in taking a more active role in the company's business.

Imepilt AS says now it has entered into discussions with certain third parties about financing its capital needs via a private placement approach, which would not involve an immediate admission to trading of the company's shares on Nasdaq First North, the company informed the stock exchange.

The subscription monies reserved will be released as per standard procedures by the relevant account operators.

The IPO of shares of AS Imepilt to Estonian investors ran from November 30 to December 11, and up to €1.5mn worth of shares were offered. The share price was fixed at €4 per share, while the minimum subscription amount was one share. The offered amount of shares was up to 375,000 shares.

The shares of the company were to be admitted to trading on the First North alternative market.

To investment to be raised was to be used to put Imepilt on a rapid growth path and achieve three central goals: bring out the animated film "Ohtude saar" ("Danger Island") in the third quarter of 2021, complete a full thematic content bundle by 2024 and launch a new content bundle, currently named AlieNative, in 2024. Imepilt has an international distribution agreement with Kaleidoscope Film Distribution Ltd.

Founded in 2016, owners of AS Imepilt in addition to the management and employees also include Taavi Raadik, Toomas Bergmann, Ahto Aava and Sonny Aswani.