Sorainen’s Lithuanian office has advised the state-owned Ignitis Group on its initial public offering and admission to the Vilnius and London stock exchanges. Walless and Dentons advised bookrunners Bank of America, JP Morgan, Morgan Stanley, Swedbank, and UBS on the offering. Linklaters and Ashurst also reportedly advised the Ignitis Group.
The offering, which sets the value of the company at around EUR 1.5 billion, consists of 27.8% of Ignitis’s share capital. The Lithuanian government will keep ownerships over the remaining shares. Trading in Ignitis Group’s shares is due to commence on October 7, 2020.
According to Sorainen, “through the IPO, the group will offer investors 20.9 million shares. Some of the shares will be distributed on the foreign markets in the form of international depository receipts. The price range for both the shares and the international depository receipts will be EUR 22.5-28 per unit, which is expected to bring in between EUR 470.3 and EUR 585.2 million for the company. The securities will be distributed in two ways: publicly to Lithuanian, Latvian, and Estonian retail investors, and non-publicly to institutional investors.”
Sorainen’s team consisted of Partners Tomas Kontautas, Saule Dagilyte, Rudolfs Engelis, and Sergej Butov, Counsel Asta Augutyte-Rapkeviciene, Senior Associates Dalia Augaite, Inga Macijauskaite, Agne Sovaite, Julija Kirkiliene, Svetlana Rudaja, Gerda Skirbutiene, Almina Ivanauskaite, Inese Heinacka, Katlin Krisak, and Evaldas Dudonis, and Associates Rimantas Bendorius and Sidas Sokolovas.
Walless’s team consisted of Managing Partner Dovile Burgiene, Partners Joana Baublyte-Kulviete, Mindaugas Lukas, and Vaidotas Puklevicius, Associate Partners Laurynas Narvydas, Akvile Mackay, and Alina Makovska, Senior Associates Arturas Grimaila, Enrika Tamasauskaite, and Guoda Sileikyte, and Associates Goda Sukackaite and Gabriele Adomaviciute.
Editor's note: After this article was published, TGS Baltic announced that it and Debevoise & Plimpton had advised GDR depositary Bank of New York Mellon on the Ignitis Group's IPO. TGS Baltic's team included Partners Vidmantas Drizga and Robertas Degesys, Associate Partner Mantas Gofmanas, Senior Associate Tadas Varapnickas, Tax Consultant Loreta Antanaitiene, and Associate Karolina Lapinskaite.