Novaturas to offer 50% stake in IPO

Lithuanian tour operator Novaturas confirmed its intention to be floated on the Warsaw Stock Exchange and on the Lithuanian Nasdaq and will offer 50 percent stake with an option to increase it to 66 percent if the demand is strong. “The offering will involve the company’s existing shares, which are being sold by some of its existing shareholders, including the majority shareholder CETO (an entity managed by Enterprise Investors),” the company said in a market filing. Novaturas does not plan to increase its share capital and raise additional funds through the IPO. Remaining shares will be subject to a 540-days lock-up and no new shares will be issued for at least 360 days following the floating. The offering will be conducted in Poland, Lithuania, and Estonia. Shares will be also offered to select foreign institutional investors. The company is owned by the Enterprise Investors equity fund. In 2016 it had €102 million revenues.