We advised Elmo Rent, an Estonian leading provider of environmentally friendly rental cars, in carrying out their IPO and admission to trading on Nasdaq First North.
ELMO Rent is one of the first electric car distribution companies in the world and the first company of rental vehicles with a responsible business quality label in Estonia. Keyless car rental is available via mobile phone and the company is developing a remotely controlled car solution to facilitate even more convenient and customer friendly rental experience.
Wide interest from investors
The initial public offering of ELMO Rent shares ended on 14 June 2021. Up to 120,000 shares were publicly offered by 1313 investors, ELMO Rent reserved the right to increase the number of shares offered by 80,000 shares, up to a total of 200,000 shares. A total of 384 610 shares in the amount of nearly EUR 2 million were subscribed for during the offering, meaning the offering was over-subscribed by 3,2 times.
“The results of our initial public offering demonstrate the investors’ deep confidence in the activities of ELMO Rent and we are extremely glad about it,” commented Enn Laansoo Jr., founder and Member of the Supervisory Board of Elmo Rent. “At the same time, such an oversubscription of shares proves that environmentally friendly thinking and green technology solutions are becoming more and more attractive to investors, which gives us further assurance and is the best recognition to the work we have done so far.”
The issue clearly enlivened the capital markets in Estonia and provided Estonian retail investors another attractive investment opportunity into environmentally friendly and smart technology solutions oriented company. The proceeds from the offering amounting to EUR 1 million will be used to launch the testing of the remote car sharing service, to purchase new electric vehicles and start preparations for entering foreign markets.
Our services and client team
We advised the client in all legal matters related to the IPO, including drafting the company description and offering terms, advice on settlement and admission to trading related matters as well as disclosure issues and insider regulations.
Our client team included counsel Kätlin Krisak and associate Mirjam Metsik.
Read more here.