AKTSIASELTS INFORTAR results of the initial public offering of its shares and final price

AKTSIASELTS INFORTAR (registry code: 10139414, address Sadama tn 5, 10111,
Tallinn, Estonia; the Company) announces the results of the initial public
offering of its shares (the Offering) and the final price of the Offering
(Offer Price). 

Offer Price

In consultation with AS LHV Pank and Swedbank AS (together as the Arrangers)
and taking into account the results of the book-building process as to the
interest of institutional investors, the Company has approved the final Offer
Price of 26.00 euro per one Offer Share. 

Results of the Offering

During the Offering the Company offered up to 1,200,000 newly issued ordinary
shares with the possibility to increase the number of offered ordinary shares
up to 1,800,000 newly issued ordinary shares (the ordinary shares offered by
the Company hereinafter together referred as Offer Shares and all the shares of
the Company hereinafter as the Shares). 

In addition, Swedbank AS (Stabilising Arranger) had the right to, in
consultation with AS LHV Pank, pursuant to the allocation of the Offering
decided by the Company, allocate to the investors additionally up to 180,000
Offer Shares (Overallotment Shares). 

During the Offering the investors subscribed for a total of 1,375,445 Offer
Shares, which means that the base volume of the Offering was oversubscribed by
175,445 Shares. In total 5517 investors participated in the Offering and the
total monetary amount of the subscriptions submitted by the investors in the
Offering reached 41.4 million euro (taking into account the demand in
institutional offering and the price of 32.00 euro in case of retail offering),
which exceeds the monetary base volume of the Offering i.e. 31.2 million euro
(calculated from the minimum price of the price range - 26.00 euro) by 1.3
times. Infortar decided to not use its right to increase the volume of the
Offering and it was decided to allocate to the investors 160,000 Overallotment
Shares. Thus, as a result of allocation, a total of 1,360,000 Offer Shares
shall be distributed to the investors. The monetary gross value of the Offering
was 35,360,000 euro. 

Chairman of the Management Board of Infortar Ain Hanschmidt:

"When the economy is falling then Infortar is growing, raising funds and
becomes listed on stock exchange. By organising this IPO, we moved against the
flow as is the norm for us and achieved a strong result in a difficult
environment. Becoming public and the capital raised gives us an additional
boost for international expansion. We give thanks to all of those who trusted
in us and our portfolio - all retail investors shall receive all the Shares
they subscribed for on the lowest price level." 



LHV Head of Investment Banking Mihkel Torim:

"Infortar's IPO is the biggest in the Baltics during the last two years and
based on market cap it is the third biggest company at Nasdaq Tallinn Stock
Exchange. Despite difficult times, the transaction was successful and provides
Infortar and opportunity to realise its development plans as a public company
with wide investor base. The active participation of retail investors is also
pleasing as it was an important focus point for the Company." 



Allocation of Offer Shares and listing of the Shares

Allocation of Offer Shares to retail investors was based on the following
principles: 

 -- All subscription orders from the same subscriber were summed up;

 -- Each retail investor is allocated the number of Shares they subscribed for.
   




Holders of Offer Shares allocated in the Offering will be eligible for any
dividends paid by the Company for the financial year started on 1 January 2023,
and for any subsequent financial year. 

Offer Shares allocated to investors are expected to be transferred to the
securities accounts of the investors on or about 13 December 2023. Trading with
all the existing Shares of the Company on Nasdaq Tallinn Stock Exchange Baltic
Main List is expected to commence on or about 14 December 2023, under ticker
INF1T. 



More information

Kadri Laanvee
Head of Investor Relations of AS Infortar
[e-mail]
https://infortar.ee/et/ipo

               ----Important Notice----

Not for release, directly or indirectly, in the United States of America or any
other jurisdiction or under circumstances where to do so would be unlawful or
to persons who are subject to financial sanctions imposed by competent
authorities. 

This announcement is an advertisement and is not a prospectus for the purposes
of the Prospectus Regulation. Investors should not make an investment decision
with respect to securities referred to in this announcement without reading the
Prospectus in order to fully understand the potential risks and rewards
associated. The Shares of the Company are offered publicly only in Estonia. The
Prospectus is available on the website of the EFSA (www.fi.ee) and on the
website of the Company (https://infortar.ee/et/ipo). The approval of the
Prospectus by the EFSA should not be understood as an endorsement of the
securities. 

This announcement shall not constitute or form part of any offer to sell or the
solicitation of an offer to buy, nor shall there be any Shares in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration, exemption from registration or qualification under the
securities laws of any such jurisdiction. There shall be no Offering for
persons who are subject to financial sanctions by competent authorities. Any
offer to acquire the Shares will be made, and any investor should make his/her
investment, solely on the basis of information that will be contained in the
Prospectus and its possible supplements to be published in connection with such
Offering. If you do not understand the contents of this announcement, you
should consult an authorised financial adviser. 

This announcement does not constitute a recommendation concerning the Offering.
The price and value of securities and any income from them can go down as well
as up. Past performance is not a guide to future performance. Information in
this announcement or any of the documents relating to the Offering cannot be
relied upon as a guide to future performance. Before purchasing any Shares,
persons viewing this announcement should ensure that they fully understand and
accept the risks which will be set out in the Prospectus. 

In the European Economic Area, with respect to any Member State, other than
Estonia, this communication is only addressed to and is only directed at
"qualified investors" in that Member State within the meaning of Article 2(e)
of the Prospectus Regulation. 

In the United Kingdom, this communication is only addressed to and is only
directed at qualified investors within the meaning of the Prospectus
Regulation, which forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018, who are also (i) investment professionals, as such term
is defined in Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Financial Promotion Order");
or (ii) are high net worth bodies corporate, unincorporated associations and
partnerships or trustees or high value trusts falling within Article 49(2)(a)
to (d) of the Financial Promotion Order; or (iii) other persons to whom it may
lawfully be communicated; (all such persons together being referred to as
"Relevant Persons"). This communication is directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this communication relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. 

This announcement does not constitute or form a part of any offer or
solicitation to purchase or subscribe for the Shares in the United States. The
Shares have not been and will not be registered under the US Securities Act of
1933, as amended (the "US Securities Act"), and may not be offered or sold in
the United States unless the securities are registered under the US Securities
Act, or an exemption from the registration requirements of the US Securities
Act is available. The Company has not registered, and does not intend to
register, any portion of the Offering in the United States, and does not intend
to conduct a public offering of securities in the United States. 

The Arrangers are acting exclusively for the Company and no one else in
connection with the Offering. None of the Arrangers will regard any other
person (whether or not a recipient of this announcement) as a client in
relation to the Offering and will not be responsible to anyone other than the
Company for providing the protections afforded to their respective clients nor
for the giving of advice in relation to the Offering or any transaction,
matter, or arrangement referred to in this announcement. 

In connection with the Offering, the Arrangers and any of their respective
affiliates, acting as investors for their own accounts, may subscribe for
and/or acquire Shares and in that capacity may retain, purchase, sell, offer to
sell or otherwise deal for their own accounts in such Shares and other
securities of the Company or related investments in connection with the
Offering or otherwise. Accordingly, references in this announcement to the
Shares being issued, offered, subscribed, acquired, placed or otherwise dealt
in should be read as including any issue, offer, subscription, acquisition,
dealing or placing by, the Arrangers and any of their affiliates acting as
investors for their own accounts. In addition, the Arrangers (or any of their
respective affiliates) may enter into financing arrangements (including swaps)
with investors in connection with which such Arrangers (or any of their
respective affiliates) may from time to time acquire, hold or dispose of
Shares. None of the Arrangers intends to disclose the extent of any such
investment or transactions otherwise than in accordance with any legal or
regulatory obligations to do so. 

The Arrangers and their respective affiliates may have engaged in transactions
with, and provided various investment banking, financial advisory and other
services to, the Company and the Company's shareholders, for which they would
have received customary fees. The Arrangers and any of their respective
affiliates may provide such services to the Company, the Company's shareholders
and any of their respective affiliates in the future. 

In connection with the offer or sale of the Shares, the Stabilising Manager may
within 30 days after the commencement of the trading purchase up to 160,000 of
the Shares with a view to supporting the market price of the Shares at a level
higher than that which might otherwise prevail for a period of 30 days
following the commencement of trading (the "Stabilisation Period"). Any
stabilisation action (which may or may not occur) will be conducted by the
Stabilising Manager in accordance with all applicable laws and rules and may
cease at any time. 

None of the Arrangers or any of their respective subsidiary undertakings,
affiliates or any of their respective directors, officers, employees, advisers,
agents or any other person accepts any responsibility or liability whatsoever,
or makes any representation or warranty, express or implied, for the contents
of this announcement, including its truthfulness, accuracy, completeness,
verification or fairness of the information or opinions in this announcement
(or whether any information has been omitted from the announcement) or any
other information relating to the Company, the Company's shareholders and their
affiliates, whether written, oral or in a visual or electronic form, and
howsoever transmitted or made available or for any loss howsoever arising from
any use of this announcement or its contents or otherwise arising in connection
therewith. 

The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may or should be
placed by any person for any purposes whatsoever on the information contained
in this announcement or on its completeness, accuracy or fairness. All
information presented or contained in this announcement is subject to
verification, correction, completion and change without notice. However, the
Company does not undertake to provide the recipient of this announcement with
any additional information, or to update this announcement or to correct any
inaccuracies. 

Forward-looking statements

Certain statements contained in this announcement, including any information as
to the Company's strategy, plans or future financial or operating performance
constitute "forward-looking statements". These forward-looking statements can
be identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "anticipates", "projects", "expects", "intends",
"aims", "plans", "predicts", "may", "will", "seeks" or "should" or, in each
case, their negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or intentions.
These forward-looking statements include all matters that are not historical
facts. They appear in a number of places throughout this announcement and
include statements regarding the intentions, beliefs or current expectations of
the directors of the Company concerning, amongst other things, the Company's
results of operations, financial condition and performance, prospects, growth
and strategies and the industry in which the Company operates. 

By their nature, forward looking statements address matters that involve risks
and uncertainties because they relate to events and depend on circumstances
that may or may not occur in the future. Forward-looking statements are not
guarantees of future performance and the Company's actual results of operations
and financial condition, and the development of the business sector in which
the Company operates, may differ materially from those suggested by the
forward-looking statements contained in this announcement. 

In addition, even if the Company's results of operations and financial
condition, and the development of the industry in which the Company operates,
are consistent with the forward-looking statements contained in this
announcement, those results or developments may not be indicative of results or
developments in subsequent periods. 

The forward-looking statements contained in this announcement speak only as of
the date of this announcement. The Company disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward-looking
statements contained in this announcement to reflect any change in its
expectations or any change in events, conditions or circumstances on which such
statements are based unless required to do so by applicable law.