The company raised €10 million from investors as part of its IPO ending on Friday. A total of 6,745,135 shares were subscribed by 19,621 investors, meaning the original offering of 777,001 shares was oversubscribed more than 8.7 times.

The company increased the number of shares offered to 854,701. After the increase in share capital, the subscribed shares account for 22.17 percent of the company's shareholding.

Due to the large oversubscription, shares will not be distributed to the members of the supervisory board and management board or their companies. 77 percent of the IPO shares will be distributed in a public offer and  and 23 percent in an institutional and private offer.

Hepsor board member Henri Laks said that such an impressive oversubscription is great recognition for the company and shows the desire of investors to participate in the growth story of local businesses.

"The interest in subscription for Hepsor shares was high and exceeded our boldest expectations many times over. We are very pleased about this and grateful to all the subscribers. We take this unexpectedly good result and the capital we have raised with a great sense of responsibility," Laks said.

Hepsor plans to use the funds raised in the IPO to finance its continued rapid growth and new development projects.

The shares are expected to be transferred to the investors' securities accounts on or around November 24 2021. Trading in the shares on the Baltic Main List of the Nasdaq Tallinn Stock Exchange is expected to begin on or around November 26 2021.

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