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Initial public offering to become public

In the course of a public offering of shares, the company offers its shares or bonds to retail and / or institutional investors, which will be traded on the stock exchange at the end of the offer period, and the company will thus become a public or listed company.

The Estonian branch of Nasdaq CSD SE offers issuers a book building service. The essence of the service is the collection of share or bond subscription orders from investors in the central depository system through account managers. This service is provided by the Estonian branch of Nasdaq CSD to companies whose:

• securities must be registered in the Estonian Securities Register pursuant to the provisions of subsection 2 (1) of the Securities Register Maintenance Act;
• securities may be offered to the public in accordance with § 12 of the Securities Market Act or admitted to trading on a trading venue provided for in § 3 of the Securities Market Act.

In order to provide the service, an agreement must be concluded with the Estonian branch of Nasdaq CSD SE, where the content of the service is agreed in more detail, but the service usually includes:

• collection of subscription orders,
• providing the issuer with an ongoing overview of the subscription orders collected; and
• after the end of the offer period, according to the distribution list, the payment orders against the payment are entered into the depository system so that the company receives the necessary capital and the shares requested by the investor.

For more information, please contact the Sales and Service experts of the Estonian branch of Nasdaq CSD SE csd.estonia@nasdaq.com.

The intermediaries of public tenders for investors are Estonian and Latvian credit and financial institutions, the list of which can be found here.