Sorainen’s Tallinn office has advised the Saunum Group on the initial public offering of its shares and their admission to trading on the First North alternative market, operated by Nasdaq Tallinn.
The Estonia-based Saunum Group specializes in the development, production, and sale of sauna devices.
According to Sorainen, the offering was ten times oversubscribed and nearly 1500 investors submitted subscription orders. According to the firm, "approximately EUR 500,000 raised by the offering will be used to finance product development as well as sales and marketing activities in Estonia and selected export markets.”
Sorainen’s team consisted of Senior Associate Katlin Krisak and Associate Oliver Amarik.
Sorainen did not reply to an inquiry about the deal.