On Friday, 19 November 2021, the initial public offering of the shares of Hepsor AS (hereinafter the Company) in Estonia, Latvia and Lithuania (hereinafter the Offering) ended. As part of the base Offering, the Company aimed to raise up to 9.09 million euros by the issue of new ordinary shares (the "Offer Shares"). In case of oversubscription, the Company had the right to upsize the Offer Shares by up to 909,090 euros, i.e. to a total volume of up to 10 million euros. Altogether 19,621 investors subscribed for altogether 6,745,135 Offer Shares, i.e. the principal part of the Offering (777,001 Offer Shares) was oversubscribed by 8,7 times. Therefore, the Company decided to exercise its right to increase the number of Offer Shares to 854,701 Offer Shares. Following the increase of share capital, the Offer Shares shall constitute 22.17% of all the shares of the Company. The Company's net proceeds from the Offering are approximately 9.44 million euros. In accordance with the prospectus for the public offering, listing and admission to trading of shares as approved by the Estonian Financial Supervision Authority on 8 November 2021, the supervisory board of the Company decided on the allocation of the Offer Shares according to the following principles: -- Due to very high level of oversubscription there are no allocations assigned to the supervisory and management board members and legal entities under their control. The supervisory and management board members have given their consent towards not recieving any allocations. -- 77% of the total offer shares are allocated through public offer and 23% through institutional and private offer. -- All investors participating in the public offer and subscribing for less than 8548 shares are allocated independent of the time of the subscription 100% of subscribed shares up to 20 shares subscribed for. The total combined subscribed amount exceeding that, is allocated approximately 7.3% of subscriptions submitted until 12.11.2021 and approximately 4.3% of subscriptions submitted starting from 13.11.2021. All investors who subscribed for at least 8548 shares until 12.11.2021 are allocated approximately 7.5% of total subscribed shares and investors who subscribed at least 8548 shares from 13.11.2021 are allocated 5% of total subscribed shares. -- Employees and legal entities under their control are allocated 8281 shares in total. Hepsor's management board member Henri Laks said that such an impressive oversubscription is great recognition for the company and shows the desire of investors to participate in the growth story of local businesses. "The interest in subscription for Hepsor shares was high and exceeded our boldest expectations many times over. We are very pleased about this and grateful to all the subscribers. We take this unexpectedly good result and the capital we have raised with a great sense of responsibility," said Laks and adding that, due to the high level of interest, the distribution of shares was very difficult to carry out, both in terms of early subscribers and in view of the very large total number of subscribers. Offer Shares allocated to the investors are expected to be transferred to the securities accounts of the investors on or about 24 November 2021. Trading with the Shares on the Baltic Main List of Nasdaq Tallinn Stock Exchange is expected to commence on or about 26 November 2021. Hepsor is one of the largest real estate developers in Estonia and is moving in the same direction in the Latvian market. Hepsor has been the first developer in the Baltics to implement several innovative engineering and technical solutions that make the buildings they construct more energy-efficient and thus more environmentally friendly. Green thinking and innovation are essential elements of Hepsor's work. To date, the company has created 40 development projects, 1,400 new homes and 23,000 sq. m of modern commercial space. The company's development portfolio includes 22 development projects with a total area of 140,000 sq. m. Further enquiries: Kairi Hints CFO kairi@hepsor.ee
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