Nasdaq Welcomes Tuul Mobility to the Baltic First North Market

04.04.2022 RIG, TLN, VLN

Tallinn/Riga/Vilnius, Nasdaq Baltic Market, April 4, 2022 – Nasdaq (Nasdaq: NDAQ) announces that secured bonds issued by Tuul Mobility, an Estonian e-scooter rental company, have been admitted to trading on the Nasdaq Baltic First North Market by Nasdaq Tallinn as of today, April 4.

The size of Tuul Mobility’s issue of secured bonds is EUR 3.1 million. Each bond has a nominal value of EUR 500. They have a fixed annual coupon rate of 10% with payment twice a year. The bonds mature on March 29, 2027.

The listing of the Tuul Mobility bonds follows their public offering by the company to Estonian investors. Based on demand for the bonds of EUR 4.45 million, the offering was 44% oversubscribed. A total of 1757 investors subscribed to the bonds.

“Tuul means wind in Estonian. The name most probably refers to the freedom of mobility the e-scooters provide for people moving around in cities. I assure you that the same word can be used to describe the ambition and spirit that drives Tuul‘s management and their whole team in the pursuit of more sustainable urban transportation,” said Kaarel Ots, CEO of Nasdaq Tallinn.

“Given the current geopolitical situation, we knew that the time for public offering was not ideal. The greater was our pleasure to see such an interest in the offer. The 44% oversubscription is a great recognition to Tuul and to the work we do,” said Jaan Kekišev, CEO of Tuul. “Scooter rental service is a capital intensive business, especially when done in high quality and environmentally friendly manner. As our plan is to expand and bring positive change to even more cities with our e-scooters, we decided to raise capital through First North to finance our growth plans,” added Kekišev.

The law firm LEXTAL advised the company in the public offering and listing process and serves as the certified adviser for Tuul Mobility on the First North market.

Tuul Mobility is an Estonian e-scooter rental company. Tuul is a subsidiary of Comodule, also an Estonian company and the world market leader in the development and production of light electric vehicles Internet of Things (IoT) modules. Tuul’s e-scooters are the first e-scooters that have been developed and produced outside of China, they are made by Comodule in Estonia. As sustainability is one of Tuul’s core values, it should be noted that 42% of Tuul e-scooter components are made of recycled materials, over 90% of the e-scooter is recyclable and the scooter’s lifecycle in the rental model is more than 5 years. Tuul’s mission is to enrich urban lifestyle by reducing the ecological footprint, decreasing air pollution, and combating traffic noise. Read more:

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 earlier stage of their growth.

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at

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

Media Contacts:
Ott Raidla
+372 5552 4823

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