We advised Estonian sauna solutions producer Saunum Group in the IPO and subsequent admission to trading on First North alternative market operated by Nasdaq Tallinn. Estonian based Saunum Group specialises in the development, production and sale of innovative sauna devices.
Exceptional interest from investors
The offering targeted to Estonian retail and institutional investors was 10 times oversubscribed and approximately 1500 investors submitted subscription orders.
Focus on product development
“We are pleased with such interest towards the IPO of Saunum Group shares. We plan to utilize the capital raised shortly and continue the rapid growth of the company. It has been our aim from the start to share the patented technology of Saunum with Estonian people. We are happy that so many sauna lovers took this opportunity,” said Andrus Vare, the founder of Saunum Group and chairman of supervisory board.
Approximately 500 000 euros raised by the offering will be used to finance product development as well as sales and marketing activities in Estonia and selected export markets.