STJ Advisors and Superia Coroporate Finance have been chosen for the contract of independent financial adviser in the initial public offering (IPO) of minority shares in the state owned Estonian port company Port of Tallinn, while the cost of the consultation is estimated to be from half a million euros to one million euros, informs LETA/BNS.
Advising of Tallinn Port IPO to cost less than EUR 1 mln
The Port of Tallinn in an international procurement chose the independent financial adviser in the initial public offering (IPO). The joint offer of the U.K. companySTJAdvisorsand Estonia-basedSuperia Corporate Financewas chosen from among four offers, which pre-qualified to participate in the tender, the Port of Tallinn said.
Port of Tallinn CFOMarko Raidsaid that making the decision was difficult as all submitted offers were very strong and involved both Estonian and international experts. What spoke in favor of the winner was the best price. The price was between half a million euros and one million euros, Raid toldBNS.
The role of the financial adviser will be independent counseling of the issuer and oversight of the entire IPO process, as well as helping the management board, the supervisory board and the owner of the issuer in the IPO process.
The Estonian government has decided to float up to 30 percent of the shares in the state owned company Port of Tallinn and list the shares on Nasdaq Tallinn by the end of the first half of 2018 at the latest.