The Baltic stock exchanges are seeing serious growth. In a year, the Baltic stock exchange index has increased by more than 60 percent, mostly because of Tallinn.

SEB bank private banking strategist Peeter Koppel said the stock exchange is quite small and people have quite a bit of money. "And it may have finally hit them that money-printing means asset price inflation," the strategist said.

Nasdaq Baltic CEO Kaarel Ots admitted that 2021 has been an extraordinary year for the stock exchange. "It will go down in stock exchange history for several reasons. We probably have the most trades. The aggregate market value of companies will be the highest of all-time. And the turnover will not break any records, but it will be very-very decent," Ots said.

The stock exchange boom has seen the number of investors in Estonia grow from 45,000 to 80,000.

"Since interest rates are so low, deposited money essentially does not grow or inflation eats away at it. People are looking for a place to deposit their savings. And it has moved to the stock exchange," said Avaron Asset Management fund manager Rain Leesi.

The number of listed companies is also increasing. While there have been three companies joining the Baltic stock exchange each year, there will be ten this year.

LHV bank brokerage manager Sander Pikkel said the Tallinn stock exchange has gotten rolling. "We have not seen such involvement in years. More companies are coming and I hope this activity will continue in the future," he said.

Share prices can also keep growing. "As long as more money is printed, the whole world is in a situation where there is more money with more risk chasing after lower productivity. So asset prices can increase," Peeter Koppel said.

Rain Leesi reminisced on the previous boom. "If we take a historic look, there were great developments in 2005-2007. There were many new companies listed on the Tallinn stock exchange, stock prices kept going up, but we all know what happened a few years later," Leesi said.

As trading opened on Thursday, Enefit Green's share price went 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. 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.

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