Ain Hanschmidt, head of Infortar, said the price range was recommended by the advisors who helped carry out the initial public offering (IPO) and is based on the current value of the company's shares.

"If the book value of an Infortar share is €38-39, given the current economic situation and the fact that we are keen to make this issue a success and go public, then we tried to find a price for the share that was 20 percent, or even more than 20 percent, cheaper than the book value," he said.

But many investors consider the price too high, "Aktuaalne kaamera" reported. Lev Dolgatšjov, an investor, said he expected the price to be around €20 and does not intend to subscribe.

"Maybe I'll take it off the stock market later if it starts trading below the subscription price. My thesis is that this is more likely to happen in a couple of months, but whether I'm right, I don't know," he said.

Infortar promises to pay a dividend of at least €1 per share per year, which would make the dividend rate 3.3 to 3.6 percent. However, a dividend from Tallink, where Infortar has a 42 percent stake, would be added to this.

"If Tallink plans to pay dividends, we would like to pass them on to Infortar shareholders. For example, if Tallink pays a dividend of 1 cent, this means an additional dividend of 15 cents per share for Infortar," said Hanshmidt.

"Tallink's dividend is also not set in stone, even in the form of a promise. Maybe with the Tallink dividend, the yield is about 5 percent. There are quite a few companies like this on the Tallinn Stock Exchange – Tallinn Kaubamaja, Tallinn Vesi," said Dolgatšjov.

At the same time, Dolgatšjov is quite certain the IPO will be fully subscribed.  Peep Jalakas, a member of SEB bank's management board, agrees

"Recent capital market transactions have shown that the market is rather oversubscribed. Against this background, it seems that there is liquidity in the market, and capital markets could be supportive today," Jalakas noted.

Jalakas also does not think the expected dividend yield will be weak.

"It is necessary to see whether it is a classic dividend stock or a growth stock. It seems to me to be a mixture of one and the other. I wouldn't make a decision based on dividend yield alone," he noted.

The number of shares to be issued in the offering ranges from 1,200,000 to 1,980,000. The price range of the offer is €26 — 32 per share. The total financial volume of the offer is therefore between €31.2 million and €63.4 million.

The shares are on sale until December 7.

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