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TGS Baltic Advises on Novaturas IPO in Estonia and Lithuania

TGS Baltic Advises on Novaturas IPO in Estonia and Lithuania

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TGS Baltic has advised joint bookrunners Dom Maklerski PKO Banku Polskiego, Swedbank, and Trigon Dom Maklerski on the initial public offering of Baltic tour operator AB Novaturas in Lithuania and Estonia. 

According to TGS Baltic, Novaturas, which was established in 1999, is the largest tour operator in the Baltic States. In 2017, the Novaturas group reported revenue of EUR 141 million, EBITDA of EUR 10.6 million, and a net profit pf almost EUR 8.2 million.

According to TGS Baltic, "after the implementation of the public offering, over EUR 22 million has been received, this being considered one of the biggest IPOs in the Baltics. Besides, during this process, for the first time in the Baltic States, the strategic investor, Enterprise Investors, partly recouped its investments by implementing the IPO."

The TGS Baltic team advising the joint bookrunners on Lithuanian and Estonian law included Lithuanian Partners Vidmantas Drizga and Agnius Pilipavicius and Senior Associates Mantas Gofmanas and Irma Juskauskaite, as well as Estonian Partner Marko Kairjak and Associate Elina Varendi.  


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