The first public bond offering by Everaus Kinnisvara AS attracted substantial interest from investors: the base issue of 3 million euros was oversubscribed by 3,16 times. As a result, the real estate developer decided to increase the offering volume to 5 million euros.
The public offering of Everaus Kinnisvara’s bonds concluded on Tuesday, 27 May 2025. This marked the first series under the company’s bond program, with participation from 1601 investors across Estonia, Latvia, and Lithuania. The total subscription amount reached 9 474 000 euros, significantly exceeding the initial 3 million base issue volume. Subscription tickets ranged from 1000 to 500 000 euros.
In the allocation process, priority was given to Everaus Kinnisvara employees, homebuyers, previous investors, and institutional investors, all of whom will receive the full amount of bonds they subscribed to. All other investors will receive at least 40% of their subscribed amount, with a minimum of one bond per investor. The bonds will be transferred to investors’ securities accounts on or around 4 June 2025. The expected first trading day on the Nasdaq Tallinn First North alternative market is 5 June 2025.
Janar Muttik, Founder and CEO of Everaus Kinnisvara, commented: “We are very pleased with the results of our first bond issue, which was oversubscribed more than three times. It is encouraging to see that a remarkable number of both returning and new investors have shown their trust in us. We are also glad that among the subscribers were not only Everaus Kinnisvara clients and employees but also institutional investors who found the offer attractive. Particularly encouraging was the strong involvement of Latvian investors. This result confirms that investors believe in our growth potential and our strategy to create high-quality and sustainable living and business environments. The confidence of investors from neighbouring countries also motivates us to proceed quickly with the residential development in Riga, which is part of our portfolio,” he added. “Increasing the issuance volume to 5 million significantly supports the effective implementation of our planned activities. We sincerely thank all investors who participated in the public offering – such trust is the highest recognition.”
Valeria Kiisk, Partner at Redgate Capital AS, noted: “The successful offering by Everaus Kinnisvara reaffirms that bonds issued by real estate developers are of great interest to Baltic investors. In this case, the issuer has a diversified portfolio and a proven track record of creating integrated residential environments that have received broad recognition. Entering the capital markets provides the issuer with additional opportunities to realize its ambitious plans for developing new living and working spaces.”
About Everaus Kinnisvara
Everaus Kinnisvara is an ambitious real estate developer celebrating its 10th anniversary this year. The company began its journey in 2015 with single-family home development, and today its portfolio includes apartment buildings, townhouses, semi-detached houses, office buildings, stock-office units, and mini-warehouses. While operating primarily in Estonia, the company is expanding into Latvia in 2025. Everaus currently holds a development portfolio comprising over 600 residential units and 80 000 m² of commercial space.
The development portfolio of Everaus Kinnisvara includes 70 hectares of land. The capital raised through the bond issuance will be used to finance real estate projects that have reached the construction phase. The construction of these residential and commercial properties has either started or will commence shortly.
About the Offering
Under the offering, Everaus Kinnisvara offered up to 3000 unsecured bonds with a nominal value of 1000 euros each, a maturity date of 4 June 2028, and a fixed annual interest rate of 11%, payable quarterly (with the first interest payment due on 4 September 2025). In the event of oversubscription, Everaus Kinnisvara had the right to increase the offering by up to 2000 additional bonds. The public offering took place in Estonia, Latvia, and Lithuania.
Summary of Subscription Results
• Total subscribed: 9474 bonds (9 474 000 euros)
• Base issue: 3,000 bonds (3 million euros)
• Oversubscription rate: 3,16 times the base amount
• Final issue volume: 5000 bonds (5 million euros)
• Total number of unique investors: 1601
• Average subscription amount: 5918 per investor
• Subscription by country: Estonia 84,19%, Latvia 12,70%, Lithuania 3,11% of total subscribed volume
The public offering was advised by Redgate Capital AS and law firm TRINITI.
