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Aware: 2020-12-18 11:26
Vladimir Ivanovo (VŽ) nuotr.
Estonian manufacturer of sauna ventilation systems Saunum Group is making its debut with a 67% jump on the alternative market of the First North Baltic Stock Exchange. In Estonia alone, the company, which implemented the initial public offering (IPO), attracted 1,500 new investors.
The company made its SAUNA First North market debut on Friday morning with a price tag of 4.07 Eur, and an hour after the start of trading, the shares were up nearly 17%. The price of the IPO, in turn, was € 2.84, so the shares rose 67% at the beginning of the initial negotiation. This reaction in the market was due to the fact that during the IPO the demand for the company’s shares exceeded the offer by 10 times.
The IPO was attended by more than 1,500 investors who bought shares for more than $ 3 million. EUR. Only Estonian retail investors could apply for shares through the IPO.
Ignitis Group, which implemented the landmark IPO, had made it possible for residents of all the Baltic States to participate in the IPO, a total of 6,827 retail investors participated in the Ignitis Group offering, 4,691 from Lithuania, 1,836 from Estonia and 300 from Latvia.
“It is gratifying to see a large investment community believe in Saunum. Attracting 1,500 investors in a public offering is a great result for a growing Estonian company. Now is the time to do the work that investors who trust our company expect. ”, The report quotes Andrus Vare, Chairman of the Supervisory Board of Saunum Group.
Saunum Group was founded in 2014, the company manufactures and develops sauna technologies and sauna ventilation and conditioning systems. The company is known for its advanced technology, which allows it to distribute hot and cold air in the sauna evenly. Saunum Group has patented this technology.
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