Baltic Export, Estonia, Financial Services, Good for Business, Markets and Companies

Up to 106,000 shares were publicly offered. Saunum plans to use its right to increase the number of shares offered by 70,000 shares, up to a total of 176,000 shares. The company will announce its decision regarding the distribution of new shares on Thursday, according to the stock exchange.

According to preliminary information, 1,514 Estonian investors submitted their subscription order during the offer aimed at retail and institutional investors in Estonia.

The price of the offered share was 2.84 euros, of which 0.1 euros is the nominal value and 2.74 euros is the share premium.

"We aim to put the raised capital to use soon and to continue rapid growth of the company. It has been our objective from the very beginning to share the patented technology of Saunum with the people of Estonia," founder of Saunum Group AS and chairman of the supervisory board Andrus Vare said.

The company plans to use the income from the offering, which totals some 500,000 euros, to finance product development and to promote marketing and sales activities both in Estonia and in select export markets.

The new shares are to be admitted to trading on the First North alternative market, trading in the shares will start on or about Dec. 18.

Saunum Group AS is an Estonian developer, producer and seller of sauna heaters and indoor air conditioners.