Our team has been advising the state-owned energy company Ignitis Group in preparation for the initial public offering (IPO) and admission to trading on the Vilnius and London stock exchanges.
Through the IPO, the group will offer investors 20.9 million shares (27.8% of the issued capital). Some of the shares will be distributed on the foreign markets in the form of international depository receipts (one share is equal to one depository receipt). The price range for both the shares and the international depository receipts will be EUR 22.5–28 per unit, and so will bring in between EUR 470.3 and EUR 585.2 million for the company.
Securities to be listed on the Vilnius and London stock exchanges
Ignitis Group shares will be offered to the public for the first time; they will be traded on the Vilnius Stock Exchange, and the depository receipts will be traded on the London Stock Exchange. The securities will be distributed in two ways: publicly to Lithuanian, Latvian and Estonian retail investors, and non-publicly to institutional investors.
Trading in Ignitis Group shares on the Nasdaq Vilnius Stock Exchange and trading in international depository receipts on the London Stock Exchange is expected to begin on 7 October 2020.
Vaidas Cibas, Head of the Regulated Markets Surveillance Division at the Bank of Lithuania, says: “This is an important event in the Lithuanian capital market and a new opportunity for investors. We hope that this will encourage new issuers to come to the Lithuanian stock exchange and increase the involvement of the population, thus promoting the development of the entire capital market.”
Our services and project team
Together with the international law firms Ashurst (English and US law matters) and Linklaters (Polish law matters), we advised the client on all issues related to the IPO, including the preparation and coordination of the prospectus, announcements of the intention to offer securities, legal opinions, agreements and other documents.
The core project team consisted of partners Tomas Kontautas and Sergejus Butovas; and senior associates Dalia Augaitė, Inga Macijauskaitė, Agnė Sovaitė and Evaldas Dūdonis; as well as associate Rimantas Bendorius.
The core team was supported by:
- counsel Asta Augutytė-Rapkevičienė and senior associate Julija Kirkilienė (regulatory energy sector matters);
- senior associate Svetlana Rudaja (competition law matters);
- partner Saulė Dagilytė and senior associate Gerda Skirbutienė (tax matters);
- associate Sidas Sokolovas (data protection matters);
- senior associate Almina Ivanauskaitė (risk management matters);
- partner Rūdolfs Eņģelis and senior associate Inese Heinacka (Latvian law matters);
- senior associate Kätlin Krisak (Estonian law matters).