Iseteenindus

Results of the minority share IPO of Eesti Energia’s renewable subsidiary

15.10.2021

NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA, JAPAN, SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.

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Eesti Energia AS’s subsidiary Enefit Green AS has announced through Tallinn Stock Exchange the successful pricing of the initial public offering of its shares. The Company and Eesti Energia AS have approved a final price of EUR 2.90 per share, which is in the top half of the originally set EUR 2.45 to 3.15 price range of the Offering.

In the base case, Enefit Green aimed to raise EUR 100 million through the issuance of new ordinary shares (New Shares) and Eesti Energia AS aimed to raise up to EUR 15 million through the sale of existing ordinary shares (Secondary Shares), for a total base deal size of EUR 115 million. Depending on market conditions, the number of the Secondary Shares to be sold was subject to upsizing by up to EUR 60 million, resulting in an upsized deal of up to EUR 175 million.

The base case of the IPO was oversubscribed for more than 4 times. It was decided to allocate 34,482,759 New Shares and 25,862,068 Secondary Shares (including 19,739,619 additional Secondary Shares under upsizing) to investors, resulting in 60,344,827 shares sold to new investors. After registration of the New Shares, the free float of Enefit Green AS will represent 22.8% of all the shares of the Enefit Green AS. The total gross proceeds of the IPO are approximately EUR 175 million, of which the total gross proceeds to Enefit Green AS are approximately EUR 100 million and to Eesti Energia AS approximately EUR 75 million.

55% of the shares are allocated to retail investors and the remaining 45% to institutional investors. There were subscriptions from more than 60,000 retail investors of whom more than 80% received their requested subscription amount in full. Trading with the shares of the Company on Nasdaq Tallinn Stock Exchange Baltic Main List is expected to commence on or about 21 October 2021, under ticker EGR1T. More information available on Nasdaq Tallinn Stock Exchange website nasdaqbaltic.com.

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This announcement must not be forwarded to any person.

This notice is an advertisement and is a prospectus not within the meaning of the Regulation (EU) 2017/1129. Before making an investment decision on the securities referred to in this notice, investors should read the prospectus in order to fully understand the risks and rewards of investing and, if necessary, consult an expert. The issuer's shares are publicly offered only in Estonia, Latvia and Lithuania. The prospectus is available on the Issuer's and FI's websites enefitgreen.ee/ipo and fi.ee respectively. Approval of the prospectus by FI shall not be considered as approval of securities.

This communication and the information contained in it are not intended for distribution in or to the United States of America (including its territories and jurisdictions, the United States, and the District of Columbia) ("United States"). This announcement does not constitute an offer or its part or an invitation to purchase or subscribe for securities in the United States. The Issuer's securities are not registered and will not be registered under the US Securities Act of 1933, as amended (in English: U.S. Securities Act of 1933, hereinafter referred to as the "Securities Act"), and may not be offered or sold in the United States unless the securities are registered under the Securities Act or, if it is possible to apply the exemption from the registration requirements of the Securities Act. The Issuer has not registered and does not intend to register any part of the offer in the United States and does not intend to conduct a public offering of securities in the United States. If Shares are sold in the United States, they will only be sold to qualified institutional buyers (as defined in Rule 144A) pursuant to Rule 144A of the Securities Act.

Rasmus Noormägi
Head of Investor Relations and Treasury
Eesti Energia AS
Tel +372 465 2885
rasmus.noormagi@energia.ee