We advised the largest energy company in Estonia, state-owned Eesti Energia, on its EUR 50 million bond issuance targeted exclusively at retail investors.
The public offering attracted participation from 4,715 retail investors, making it the largest retail-only bond issue ever conducted in the Baltics. With total demand reaching EUR 94.4 million, it also became the largest unsubordinated bond offering ever in the region in terms of retail investor interest.
The bonds were listed on the Nasdaq Tallinn Stock Exchange’s Baltic Bond List on 5 June 2025.
Our services and client team
We provided comprehensive legal support throughout the transaction, including drafting the offering documentation, preparing for the bond listing, liaising with local regulatory authorities, and preparing the communication about the offering.
The project was led by senior associate Oliver Ämarik and partner Kätlin Krisak. Senior associate Verner Silm was also included in the project team.
