The European Bank for Reconstruction and Development (EBRD) has acquired a 3.6% stake in Estonia's port and ferry company Tallinna Sadam (Port of Tallinn).
The IPO raised $172m on the Nasdaq Tallinn Stock Exchange last week.
Sue Barrett, EBRD director of transport, said: “We are proud to support this transaction. This is the first IPO of a major state-owned transport infrastructure asset in the Baltics and one of a few IPOs of a port landlord globally.
"Importantly, the transaction has demonstrated that the sale of shareholdings in state-owned enterprises can be successfully implemented via local stock exchanges.
"This investment is also in line with the bank’s strategy to increase equity investments in its countries of operation.”
The state's holding has been cut to about 67%.
The company took delivery of four 5,000-gt ferries in 2016 and 2017 from two shipyards in Turkey and Poland.
