We advised ELMO Rent in the secondary public offering and admission to trading of new shares to alternative market First North operated by Nasdaq Tallinn.
Big interest from the market
The public offering took place between 27 December and 10 January and in the course of the offering, a total of 256,363 shares in the amount of EUR 1.4 million were subscribed for, meaning the offering was over-subscribed by nearly 1.8 times. The total amount of shareholders of ELMO Rent increased by 1500 investors to a total of 4000 shareholders.
The proceeds from the offering will be used to deliver 20 new remotely controlled cars, increase the vehicle fleet, acquire Elektritakso and start a new taxi service, as well as preparations to enter foreign markets and further IT software development activities.
“Despite the campaign held during the holidays, the result is decent, which delights our team and acknowledges that the contribution to environmental sustainability and technological innovation has been the right one,” said Enn Laansoo Jr., founder of ELMO Rent. “A larger number of shares and shareholders should increase the liquidity of our share and lead to price changes in line with the company’s development.”