Sorainen together with Cleary Gottlieb Steen Hamilton acted as legal advisor to the international syndicate of banks consisting of Citigroup, Carnegie Investment Bank, Erste Group, Swedbank and LHV in the first IPO of a state-owned entity in Estonia since 1999 and the first Estonian IPO with an international element since 2012. The shares of Port of Tallinn were subsequently listed on Nasdaq Tallinn Stock Exchange. The Offering was carried out as public offering in Estonia and by way of private placement in selected European jurisdictions and including in the United States under the RegS/144A rules. The Offering raised total gross proceeds of EUR 147.4 million.
The main objectives of the Republic of Estonia, as the sole shareholder of Port of Tallinn prior to the IPO, were to: (i) enhance the appeal of the Tallinn Stock Exchange by raising the awareness of international investors, and (ii) provide domestic investment opportunities for Estonian private investors and pension funds.
The issuer, the Port of Tallinn, owns five harbours in Estonia, providing infrastructure for cargo and passengers flowing through the region. The Port of Tallinn also operates domestic ferry services between the Estonian mainland and local islands and provides ice-breaking and other maritime support services.
Sorainen team was led by partner Reimo Hammerberg, senior associate Jane Eespõld and associate Sink Kadi and included partner Paul Künnap, senior associates Piret Lappert, Kätlin Krisak, Kadri Härginen, Kaspar Endrikson, Cathriin Torop, Kai Vainola, Hanna Pahk, associates Olivia Kranich, Mirjam Vichmann, Tea Kookmaa, Lise-Lotte Lääne, Britta Retel.