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Cobalt Assists East West Agro with Rare Lithuanian IPO

Cobalt Assists East West Agro with Rare Lithuanian IPO

Lithuania
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Cobalt has represented East West Agro, one of the largest agricultural machinery sales companies in Lithuania, in the initial public offering of the company’s shares, which the firm describes as "the first IPO in Lithuania [in] a long time."

EWA's shares were acquired by 107 investors. The company raised EUR 3 million, and the demand exceeded the supply by 22 percent.

According to EWA CEO Gediminas Kvietkauskas, the company is aiming to become a listed company having liquid shares that would be attractive to investors. “We have successfully taken a very important step towards this objective by offering 125,000 new shares," he said. "We are pleased that investors consider our company, its business model and growth plan to be attractive and that they believe in the growth potential of Lithuania’ agricultural sector."

The majority of the raised capital will be earmarked for development in Lithuania, as in 2017-2018 new technical maintenance and sales units are planned for the main regions of the country.

EWA has also started its preparations for getting its shares listed on the Nasdaq First North, a Nordic-Baltic alternative stock exchange for trading in shares. It is planned that the shares will be listed on the First North by May 22, 2017.

Cobalt lawyers helped the company prepare for the IPO by merging UAB EWA Group with East West Agro and converting the form of East West Agro from a private limited liability company to a public limited liability company, prepared the reference and other related documents, and advising EWA throughout the entire IPO process. The firm is also continuing to advise on the listing of EWA shares on the First North exchange.

The Cobalt team was led by Head of Banking and Finance Akvile Bosaite.

Lithuanian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

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