Wednesday Stock ExchangeNasdaq Tallinn “starts real estate developer JSC”Hepsor“, which works Estonian and in the Latvian market, the initial public offering (IPO) of the shares, according to the announcement of the stock exchange “Nasdaq Riga”.
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The IPO will run until 15:30 on November 19. The settlement date for the subscription process is November 24.
A total of up to 777,001 shares are offered plus up to 77,700 additional shares, which may be granted if demand exceeds supply. IPO shares are offered to investors from Latvia, Lithuania and Estonia. Orders with an offer price of 11.7 euros per share can be placed in the auction.
Hepsor said the company wants to raise up to ten million euros through the IPO.
The funds obtained from the IPO will be used to finance real estate development projects under planning. The company currently has 20 new development projects in its portfolio, with a total area of 140,000 square meters.
Henry Laks, a board member of Hepsor, says the company’s development portfolio in the local market is very strong, so he is confident that Hepsor will continue to grow rapidly. Given that the company is growth-oriented, it is not planned to pay dividends in the coming years.
Last year, compared to 2019, the Hepsor Group’s total turnover increased by 98% to 38.8 million euros. The company’s net profit increased by 115% during the period, reaching 2.9 million euros.
In Latvia, the sales revenue of the Hepsor Group company in 2020 reached 4.9 million euros, accounting for almost 13% of the Group’s total sales revenue.
One of the largest development projects of the company in Latvia is the multifunctional class A business complex “Krasta City”, which is planned to be implemented in the next ten years. In Tallinn, it is the Factory Quarter (Manufaktuuri Põhja), which will consist of two new apartment buildings with 154 apartments and a reconstructed Baltic Manufactory factory building with 400 apartments and 6,000 square meters of leasable commercial space.
It has already been reported that the construction of a new business complex in Riga, which will consist of two phases and will have a total area of more than 11,000 square meters, has now begun. Also at the end of this summer, the construction of the residential quarter “Kuldīgas parks” started, where 116 two-, three- and four-room apartments will be available.
The founders and owners of the Hepsor Group are Andress Parloja (33.25%), Kristjan Mitts (33.25%), Henrijs Lakss (16.6%) and financial investor Lauri Meidla (16.9%).
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