Shearman & Sterling and Sorainen have advised joint global coordinators and joint bookrunners Citigroup, Nordea, and Swedbank on Enefit Green's EUR 175 million Rule 144A / Regulation S initial public offering and listing on Nasdaq Tallinn. Cleary Gottlieb Steen & Hamilton and Ellex advised Enefit Green and its owner, Eesti Energia.
Enefit Green is the renewables subsidiary of Estonian state-owned energy company Eesti Energia. According to Shearman & Sterling, “the IPO consisted of a primary offering of shares by Enefit Green and the sale of a minority stake by Eesti Energia, which will continue to remain a significant shareholder post IPO. It is one of the largest IPOs in the Baltics in recent years.”
According to Sorainen, “55% of the offered shares were allocated to retail investors and the remaining 45% to institutional investors. Due to the unprecedented number of investors participating in the offer, the share of investors subscribing to up to 1,000 shares in total demand was so large that it was additionally decided to distribute 5.5% of the excess volume to all retail investors who subscribed for more than 1,000 shares.”
Enefit Green owns a total of 22 wind farms in four markets – Estonia, Latvia, Lithuania, and Poland – as well as 38 solar power plants, four combined heat and power plants, a pellet plant, and a hydroelectric power plant.
Shearman & Sterling’s team included Partners Pawel Szaja, James Duncan, Kristen Garry, and Simon Letherman, Senior Associate Woo Suk Hong, and Associates Araz Poladov, Evangelida Andronikou, Eunjee Chae, and Daniel Kachmar.
Sorainen's team was led by Counsel Katlin Krisak and included Estonia-based Partners Kaupo Lepasepp and Paul Kunnap, Counsel Jane Eespold, Senior Associates Britta Retel, Mirjam Vichmann, Triin Toom, and Sandra Mikli, and Associates Andra Grunberg and Krista Severev; Latvia-based Partner Lelde Lavina, Senior Associates Viktorija Smirnova-Cerkasa, Andris Vilisons, and Jorens Jaunozols, and Associate Zane Akermane; and Lithuania-based Partner Sergej Butov and Senior Associates Julija Kirkiliene and Inga Macijauskaite.
The Ellex team in Estonia included Partners Gerli Kivisoo, Martin Kaerdi, Martin Maesalu, Martin Triipan, Raino Paron, and Sven Papp, Counsels Triin Frosch, Dmitri Rozenblat, and Jaanus Ikla, Senior Associates Kadi Sink, Gerda Liik, Hanna Pahk, Maria Teder, Martin Raude, and Alla Kuznetsova, Associates Karin Tartu, Kevin Gerretz, Liisbeth Lillo, and Merlin Liis-Toomela, and Lawyers Lotte Suislepp and Miikael Tuus; in Latvia Senior Partner Raimonds Slaidins, Senior Counsel Iveta Ceple, Senior Associates Beata Plocinaa and Marta Cera, and Associates Ineta Kanepe and Eduards Dzintars; and in Lithuania Partner Paulius Gruodis, Senior Associates Mantas Juska, Gabriele Vazniokaite, Antanas Butrimas, and Edvinas Beikauskas, and Expert Gintaras Balcius.