We advised Estonian sauna solutions producer Saunum Group, on the secondary public offering and the admission to trading of new shares on Nasdaq Baltic Alternative market First North.

Elevated interest from strategic partners

In the course of the offering aimed at Estonian investors, 507 investors participated, and a total of 144 196 shares were subscribed to in the amount of  EUR 1 139 148. The new shares were distributed to the investors who participated according to their submitted subscription orders.

“Estonian retail investors’ interest in the offering was more modest, but many strategic partners showed increased interest in us, thanks to which we exceeded the minimum objective of the offering. Considering the general uncertainty in the stock markets, we are satisfied with the results,” commented Andrus Vare, chairman of the supervisory board of Saunum.

Future investment from Finland

During the offering, several of Saunum’s partners subscribed for shares. Additionally, an agreement was reached on a future investment with a Finnish distributor, who, in addition to shares already subscribed, is planning to acquire a total of 23 816 shares from the company’s supervisory board members Lauri Paeveer and Lauri Meidla at the price of EUR 8,4  per share. Both supervisory board members will voluntarily donate the money from the sale to Saunum to support the further development of the company.

The revenue from the public offering will be used to finance product development, as well as to expand and develop marketing and sales activities in Estonia and selected export markets.

Saunum was founded in 2014 and develops, produces and sells sauna solutions and air-mixing systems, which is a unique technology that evenly distributes the hot and cold air in a sauna.

Our services and client team

We advised Saunum throughout the process.

Our client team was led by partner Kätlin Krisak, supported by senior associate Robin Teever and associate Kamilla Alma Vilderson.