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Cobalt and Baker McKenzie Advise on Port of Tallinn IPO

Cobalt and Baker McKenzie Advise on Port of Tallinn IPO

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Cobalt and Baker McKenzie have advised on the initial public offering of the shares of Estonian state-owned company AS Tallinna Sadam, the Port of Tallinn.

Cobalt describes it as "the first IPO of a state-owned company in almost two decades."

In the firm's press release Cobalt reports that "the Port of Tallinn is the owner of the third largest passenger port in the Baltic Sea Region, the fourth largest passenger port in Northern Europe in terms of passenger traffic, and the largest cargo port in Estonia in terms of cargo volumes.”

The Port and its subsidiaries have a diversified portfolio of operations, including passenger harbors, cargo harbors, domestic ferry service connecting Estonia's mainland with its two largest islands, and other services.

The IPO, which was oversubscribed by more than three times, attracted 102 institutional investors from 22 countries and a record size of total subscriptions from 13,723 Estonian retail investors, and it generated total gross proceeds of EUR 147.4 million.

CEO of Port of Tallinn Valdo Kalm said: “The interest of investors, both Estonian retail investors and pension funds, as well as international funds, in Port of Tallinn shares was substantial, and that provides us with a sense of security that we have earned the trust of investors as a stable dividend share.”  

Cobalt’s team was led by Partner Marina Kotkas,  supported by Senior Associate Mattias Tammeaid and Partner Karina Paatsi.

Baker McKenzie's London-based team included Partners James Thomson and Simon Porter. 

Editor's Note: After this article was published, Cleary Gottlieb announced that the firm has acted as international counsel to Citigroup, Carnegie Investment Bank, Erste Group, Swedbank and LHV as underwriters in the initial public offering of the ordinary shares of AktsiaseltsTallinna Sadam, Port of Tallinn, and listing on the Baltic Main List of the Nasdaq Tallinn Stock Exchange. Sorainen acted as Estonian counsel to the underwriters.

The Cleary Gottlieb London team was led by Partner Pierre-Marie Boury and included Partners David Gottlieb and Richard Sultman, as well as Associates Chrishan Raja, Mohamed Taha, Raluca Dumitru, and Andrew Hurwitz. The US based team involved Partner Paul Marquardt, Senior Attorney James Corsiglia, and Associates Nathanael Kurcab, Michael Alcan, and Lorenz Haselberger.

The Sorainen team consisted of Partner Reimo Hammerberg, Senior Associates Jane Eespold, Piret Lappert, Kaido Kunnapas, Kaspar Endrikson, and Associates Kadi Sink and Mirjam Vichmann, Olivia Kranich, and Britta Retel.