Nasdaq Baltic Welcomes Saunum Group to First North

18.12.2020 RIG, TLN, VLN

Tallinn/Riga/Vilnius, Nasdaq Baltic Market, December 18, 2020 – Nasdaq (NDAQ) announces that trading in Saunum Group shares (short name: SAUNA) began today on the Nasdaq Baltic First North market. Saunum Group is an Estonian company innovating sauna technology.

The listing of Saunum Group shares follows the company’s initial public offering which ended on December 9. The offering was oversubscribed more than 10 times. Over 1500 investors participated in the offering and subscribed for shares in the amount of 3 million euros in total.

Saunum Group was founded in 2014 and develops, produces and sells sauna technology and sauna air conditioning equipment. The company is mostly known for the development of a unique technology that distributes the hot and the cold air in a sauna evenly. Saunum Group also holds several patents for the technology.

“Saunum Group is a great example of a fast growing company with big ambition. First North market is designed exactly for companies like this. It is not the size of the company that matters, it is the attitude and ambition that is important. I am glad to have Saunum Group traded on First North and wish them all the best on their quest to revolutionize the saunas worldwide,” said Kaarel Ots, CEO of Nasdaq Tallinn.

Andrus Vare, the Chairman of the Supervisory Board of Saunum Group said they chose First North market for raising capital and listing shares because of the renowned Nasdaq brand, reasonable pricing and the future perspective that being on the public market provides. “In short, First North market was the most logical choice for us,” said Vare.

“We are extremely glad to see so many investors believing in Saunum. Having 1500 investors subscribing for the shares of a fast growing company in Estonia is a super result. Now it is time for us to do work that is worthy of the trust investors have shown in our company.”

Law Firm SORAINEN acts as the certified adviser for Saunum Group on First North market.

Nasdaq First North market is tailored to support smaller, growing companies that want to raise capital and get the visibility and credibility of being a public company. For investors, First North offers an opportunity to invest in companies that are at an interesting stage of their growth. First North is an alternative market and is often seen as a first step towards trading on the main market.

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Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more: nasdaqbaltic.com.

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Media Relations Contact:
Ott Raidla
+372 5552 4824
ott.raidla@nasdaq.com