Estonian real estate developer Liven announces IPO
Liven has announced a public offering of shares, with nearly two million to be sold. The price per share is €4.68, consisting of a nominal value of €0.10 and the remainder as share premium.
"During the offering, Liven will offer up to 1,495,730 newly issued ordinary shares with a nominal value of €0.10 per share and certain minority shareholders of Liven will offer up to 369,015 existing ordinary shares with a nominal value of €0.10 per share," the company said.
"Liven has had plans for a share issuance since 2019 and we have been working consistently toward this goal. We believe that Liven's business model, the company's development and steady growth, as well as the transparency and reliability of being a listed company, complement each other," said CEO Andero Laur.
According to Laur, demand for Liven's homes has remained strong even in a challenging economic environment.
"In recent years, Liven has carried out two successful bond issues, which have helped us launch new projects and continue earlier developments. We see that we have earned investors' trust through our work so far and at the same time we see favorable opportunities to acquire new properties, for which it makes sense to raise capital even in today's market," Laur added.
In the event of oversubscription, Liven reserves the right to increase the size of the offering by up to 854,705 additional newly issued ordinary shares at the same price. The maximum total number of shares in the offering is 2,719,450.
The offering is being organized by LHV Pank and Liven's legal advisor is Ellex Raidla.
Liven has a single class of shares and all shares offered are of the same class.
The offering includes a public offering to retail and institutional investors in Estonia, Latvia and Lithuania. In addition, Liven may offer the shares privately to qualified investors.
The subscription period begins on April 23 at 10:00 a.m. and ends on May 7 at 3:30 p.m.
The total amount to be raised in the offering, including shares offered by minority shareholders, is up to €8.7 million and up to €12.7 million if the offering is increased through overallotment shares.
Liven's key shareholders — Verdale OÜ, BKK Holding OÜ and Laur & Partners OÜ, as well as Probus OÜ and Ivard OÜ — are long-term and strategic shareholders of the group and, under an agreement with LHV Pank, have committed not to sell, enter into agreements to sell or otherwise transfer their Liven shares for a period of 12 months following the offering.
Liven's first trading day on the Nasdaq Tallinn Exchange is expected to be May 15.
Liven's consolidated audited revenue for 2025 was €49.3 million and net profit €5.4 million. As of December 31, the company's consolidated audited assets totaled €86.5 million and equity stood at €23.6 million.
In total, Liven's development portfolio comprises nearly 123,000 square meters of sellable space, with an estimated sales volume of more than €400 million, the company said.
--
Editor: Marcus Turovski
