Port of Tallinn’s IPO and Listing on the Nasdaq Tallinn Stock Exchange

June 13, 2018

Cleary Gottlieb has acted as international counsel to Citigroup, Carnegie Investment Bank, Erste Group, Swedbank, and LHV as underwriters in the initial public offering of the ordinary shares of Aktiaselts TALLINNA SADAM, the Port of Tallinn, and listing on the Baltic Main List of the Nasdaq Tallinn Stock Exchange.

Sorainen acted as Estonian counsel to the underwriters. The offering involved a public offering to retail investors in Estonia and an offering to institutional investors outside the U.S. under Regulation S, as well as to Qualified Institutional Buyers in the U.S. under Rule 144A. The offering, which was the first IPO by an Estonian state-owned entity since 1999, and the first IPO with an international element by an Estonian company since 2012, raised total gross proceeds of approximately €147 million. Trading in the shares commenced on June 13, 2018.

The Port of Tallinn owns five harbors in Estonia, providing infrastructure for cargo and passengers flowing through the region. Port of Tallinn also operates domestic ferry services between the Estonian mainland and local islands and provides ice-breaking and maritime support services to vessels passing through its harbors.