Liven AS (Liven) intends to conduct an initial public offering of shares in spring this year and to apply for the admission to trading of its shares on the Nasdaq Tallinn Stock Exchange Main List. The offering is planned to be directed at both retail and institutional investors in Estonia, Latvia and Lithuania. Liven intends to use the capital raised through the share issue for the acquisition of new development properties and for the implementation of the company's long-term growth strategy. The issue will also enable the group to strengthen its capital structure.
In 2025, Liven commenced the construction of nearly 300 new residential and commercial units, entered into 176 new sales contracts and delivered 139 homes. Liven's consolidated audited revenue for 2025 amounted to EUR 49.3 million and net profit to EUR 5.4 million. As at 31 December 2025, the volume of consolidated audited assets amounted to EUR 86.5 million and equity to EUR 23.6 million. Since spring 2024, Liven's green bonds have been listed on the Nasdaq Baltic Bond List. Since 2019, the group's auditor has been KPMG Baltics OÜ.
"The objective of a share issue has been part of Liven's plans since 2019, and we have been working consistently towards it. We believe that Liven's business model, the company's development and stable growth, and the transparency and reliability of a listed company complement one another," said Andero Laur, CEO of Liven. According to Laur, it is encouraging to see from the results of recent years that demand for Liven homes has remained stable even in a challenging economic environment. "In recent years, Liven has carried out two successful bond issues, which have helped us acquire new projects and continue with our earlier developments. We see that investors trust us and, at the same time, we also see favourable opportunities to acquire new properties, which makes it worthwhile to raise capital from the market also in the current environment," said Andero Laur.
Similarly to Liven's successful green bond issue carried out in 2024, the financial adviser and arranger of Liven's planned public offering of shares is AS LHV Pank (LHV), and the legal adviser is Ellex Raidla Law Firm. Under a 12-month agreement entered into with LHV, Liven's three founders and the two largest strategic key shareholders have undertaken not to sell the shares held by them.
The exact timetable, volume and share price of the offering will be disclosed after the prospectus for the public offering and admission to trading of the shares has been approved by the Estonian Financial Supervision and Resolution Authority. The exact structure and timing of the offering depend on various circumstances and their timing, such as market conditions, approval of the prospectus by the Financial Supervision and Resolution Authority, adoption of the necessary corporate resolutions and execution of the required agreements. Liven will announce the approval of the prospectus and the commencement of the offering of the shares, including the terms and conditions thereof, in a separate announcement.
This announcement does not constitute an offer or invitation to sell or the solicitation of an offer to acquire any securities. Nor will there be any sale or offer of shares in any jurisdiction in which such offer, invitation or sale would be unlawful prior to the approval or registration of the prospectus, absent exemptions or qualifications contained in law.
Joonas Joost
Liven AS CFO
E-mail: joonas.joost@liven.ee
