Estonian ferry and ports company Port of Tallinn (Tallinna Sadam) has completed an IPO worth EUR 147.4m ($172.2m).
The country's government, which owned 100% of the company, approved a price of EUR 1.70 per share, towards the top of the EUR 1.40 to EUR 1.80 range.
The sale started on 25 May and saw 86.7m shares offered, of which 75.4m were new and 11.3m already existed.
The state's holding has been cut to about 67%.
In total, 102 institutional investors from 22 countries and 13,700 Estonian retail investors participated.
It was over-subscribed by more than three times, the company said.
Estonian institutional demand comprised about 29%, the majority generated by pension funds.
Baltic institutional demand accounted for another 34%, with the rest coming from Nordic countries, the UK, Europe and the US.
The offer implied a EUR 447m market capitalisation for the company.
Most of proceeds going to company
Tallinna Sadam will bank a net EUR 120.7m, after the state takes its share.
The stock will be listed on the Nasdaq Tallinn Stock Exchange Baltic main list from 13 June.
Tallinna brought in Citigroup, Carnegie, Erste Group and Swedbank to help manage the offering.
Swedbank will have the right to acquire up to 11.3m on the Tallinn Stock Exchange, in order to stabilise the stock market price of the offer shares at a level higher than would otherwise prevail.
The economy ministry had previously said the IPO would provide new ways of investing for citizens and pension funds and enliven local financial markets.
The company took delivery of four 5,000-gt ferries in 2016 and 2017 from two shipyards in Turkey and Poland.
