TALLINN, May 25 (Xinhua) -- The initial public offering (IPO) of the shares of the state-owned Port of Tallinn (Tallinna Sadam) started on Friday, the company has announced.
The offering period is to last through June 6 and the price is 1.4 euros (about 1.64 U.S. dollars) to 1.8 euros at the highest end of the range per share, said the company.
The Port of Tallinn intends to issue up to 75.4 million new shares, and the current sole shareholder, the Estonian state, intends to sell an additional 11.3 million existing Port of Tallinn shares.
Up to one third of shares in Port of Tallinn will be available for purchase by Estonian retail investors and foreign countries' institutional investors in the IPO, it noted.
In November, the Estonian government approved preparations for the IPO of the Port of Tallinn, one of the largest port enterprises of the Baltic Sea, while the trading with the shares of Tallinna Sadam on the Nasdaq Tallinn Stock Exchange is expected to be in mid June.
The Port of Tallinn's vision is to become the most innovative and modern port in the Baltic Sea region, with an emphasis on digitalization, strong customer base and dedicated employees, and a business model structured around well-balanced core operational areas, according to Port of Tallinn Chief Executive Officer Valdo Kalm.
In 2017, the Port of Tallinn revenue increased 18 percent to 121.3 million euros, with 4 percent year-on-year increase of passengers to the record breaking number of 10.56 million, and 5 percent decrease of freight to 19.2 million tons, said the company.(1 euro = 1.17 U.S. dollars)