Preliminary results of the public offering of the EfTEN United Property Fund units and the offer price of the units

Based on the offering prospectus as registered with the Financial Supervision Authority on 18.04.2022, the EfTEN Capital AS carried out the public offering of the EfTEN United Property Fund units during the first interim period of the offering between 09.05.2022 at 9:00 and 20.05.2022 at 11:00. The offer was organised to all legal and natural persons in Estonia. The offer size during the interim period was up to 460,000 offered fund units, with the option to upsize by 300,000 offered fund units to be decided upon the distribution of the IPO.
During the interim period, a total of 2 716 subscription orders were submitted and 1 217 730 offered fund units was subscribed for. The volume of the offer was oversubscribed by 2,65 times. Employees and related parties of the EfTEN Capital AS subscribed for ca 15% of the total subscribed units.
The offer price per offered fund unit (NAV of the EfTEN United Property Fund as of 30.04.2022) was 10.62 euros.
“Compared to the end of last year, current environment has become significantly more difficult for raising money from public markets. Higher interest rates and falling stock markets have had a negative impact globally. In Estonia, the risk aversion among local investment community has increased as well. This has been reflected in several undersubscribed IPOs recently. In such environment we are pleased to note that the IPO of the EfTEN United Property Fund was so well received by investors. The 2,65 times oversubscription of the IPO confirms the trust of investors and is a great recognition of what EfTEN has achieved so far” commented Kristjan Tamla, Head of Retail at the EfTEN Capital AS.
The distribution of the EfTEN United Property Fund units as offered during the IPO will be approved on or about 24 May, 2022.

Kristjan Tamla
Head of Retail
Phone 655 9515
E-mail: kristjan.tamla@eften.ee