We advised Punktid Technologies, the largest online sales environment for digital codes of video games, Nintendo, PlayStation and Xbox in Estonia, on carrying out their IPO and admission to trading on Nasdaq First North.

Growing online sales environment

Punktid Technologies is a holding company established and operating in Estonia which has two subsidiaries, Gamekeys and HVK Business. Punktid group owns and develops the largest online sales environment for digital codes of video games, Nintendo, PlayStation and Xbox in Estonia, where professional support is provided in the local language to both beginners and experienced gamers.

In addition to Estonia, the online sales environment chain is also managed in Latvia, Lithuania, Finland and Ukraine, as well as in international English and Russian-speaking sales environments. Punktid mission is to ensure that the entire digital gaming world is accessible to everyone with just a few clicks and to help reduce the negative environmental impact of the delivery of physical products.

Offering in a challenging environment

The initial public offering of Punktid Technologies shares ended on 29 April 2022. Up to 300,000 shares were publicly offered, Punktid Technologies reserved the right to increase the number of shares offered by 40,000 shares, up to a total of 340,000 shares. A total of 176,378 shares were subscribed for during the offering.

“We would like to thank everybody that believed in us and made the decision to invest in the development and future of Punktid group. Going public has been a challenge for all parties due to the economic situation of today but despite these challenges, we will not give up our ambitions of expanding to new markets and continuing to show great growth going forward. I believe the proceeds from the offering will help us boost these ambitions and soon we will see more people join us, including the ones that decided not to subscribe to any shares at this time.“ Hannes Niid, Management Board Member of Punktid Technologies.

The proceeds from the offering amounting to approximately EUR 794,000 will be used for technical updates of Punktid website and Punktid application development, expansion of the team and recruitment of new staff, expansion of marketing and sales activities as well as a for maintaining a reserve to cover possible unforeseen expenses related to the expansion.

Our services and client team

We advised the client in all legal matters related to the IPO, including drafting the company description, offering terms and share option program, advice on settlement and admission to trading related matters, disclosure issues and insider regulations as well as in transforming the company from private limited company to public limited company.

Our client team was led by counsel Jane Eespõld and included partners Kätlin Krisak, Paul Künnap and Kaido Künnapas, senior associate Robin Teever, associates Mirjam Metsik and Kamilla Alma Vilderson and assistant lawyer Karl Joonas Kendla.