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.