As trading opened, the share's price increased from the base rate of €2.90 to €3.65. Within 30 minutes, the price had fallen to €3.4 per share.

By the end of the day, there were 8,546 transactions of the share conducted and the share closed at €3.49. The total turnover of Enefit Green on Thursday was €11,731,726.

The initial public offering (IPO) of Enefit Green saw over 60,000 retail investors subscribing and the IPO was oversubscribed fourfold following flotation. The base rate for one share was €2.90. 55 percent of shares were allocated to retail investors and the remaining 45 percent to institutional investors.

On Thursday, Nasdaq Tallinn CEO Kaarel Ots, said more than 4 percent of Estonia's total population participated in the IPO. "This marks an absolute record for both the Estonian and the Baltic stock exchanges," Ots said.

Minister of Finance Keit Pentus-Rosimannus said the record-high interest in the share shows trust for Enefit Green. "The record-high subscriptions exceeded our most optimistic expectations. The company now has the best possible mandate to implement a growth plan," the finance minister noted.

State-owned energy generator Eesti Energia's renewable energy subsidiary Enefit Green announced on September 23 that it would list on the Nasdaq Tallinn Stock Exchange.

Across Estonia, Finland, Latvia, Lithuania and Poland, Enefit Green owns 22 wind parks, 38 solar parks, four cogeneration plants, a pellet plant and a hydro power plant. The total capacity of Enefit Green's portfolio is 457 MWe. In 2020, Enefit Green produced 1.35 TWh of electricity.

Editor's note: Article updated with turnover and trade info as of 3.30 p.m. on Thursday, October 21.

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