Results and Allocation of the Initial Public Offering of the Shares of Hepsor AS

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
[e-mail]