"We are proud to support this transaction," director for transport at EBRD Sue Barrett said in a press release commenting the EBRD's decision to acquire a 3.6-percent stake in the port operator. "The transaction has demonstrated that the sale of shares in state-owned enterprises can be successfully implemented via local stock exchanges," she added.

The EBRD's director for local currency and capital market development, Andre Kuusvek, said that the IPO will boost the development of the country's capital market. "Tallinna Sadam will become one of the four largest companies listed on Nasdaq Tallinn, and one of the six largest companies in the Baltic states, facilitating liquidity in the local capital market," Kuusvek said.

As part of the IPO, the EBRD acquired a 3.6-percent stake in the company, which makes the size of the bank's investment €15.9 million.

Trading of Tallinna Sadam's shares started at the Tallinn stock exchange on Wednesday. The 86.7 million shares in AS Tallinna Sadam put on offer in the IPO were oversubscribed threefold, and the price of the share was set at €1.70, which means that the total value of the IPO was €147.4 million.

The offer included up to 75.4 million new and up to 11.3 million existing shares. The IPO price range was €1.40 to €1.80, and offers were made by 102 institutional investors from 22 countries as well as 13,723 retail investors.

The sole owner of the company before the IPO was the Republic of Estonia. After the IPO, the Republic of Estonia is now the biggest shareholder of Tallinna Sadam with a stake of 67 percent.