Nasdaq Welcomes ELMO Rent to Baltic First North Market
Tallinn/Riga/Vilnius, Nasdaq Baltic Market, July 1, 2021 – Nasdaq (NDAQ) announces that the shares of ELMO Rent, an Estonian company providing green vehicle sharing services, have been admitted to trading on Nasdaq Baltic First North Market by Nasdaq Tallinn as of today, July 1.
The admittance to trading of ELMO Rent shares follows the initial public offering of the company. The total demand for the shares was EUR 1.92 million and the offering was 3.2 times oversubscribed. 1313 investors participated in the offering.
“Becoming a public company requires ambition and courage. I’m really happy to see more and more new generation Estonian entrepreneurs who have this courage to take on the challenge to bring their company into public spotlight,” said Kaarel Ots, CEO of Nasdaq Tallinn. “ELMO Rent is a great example of such a company.”
“The feedback we received from investors during the IPO preparation and subscription period was perfect. That feedback alone doubled our strenght and accelerated our initial action plan,” said Enn Laansoo Jr, founder of ELMO Rent. “In addition, due to the great interest investors showed in the offering, we have gained a lot of worthy contacts.”
Law firm Sorainen serves as the certified adviser for ELMO Rent on First North market.
ELMO Rent is a company established in Estonia whose main business activity is to offer environmentally friendly car rental service. ELMO Rent also develops, sells, and scales environmentally friendly and innovative technologies related to car rental services, such as the IT operating system for managing the car park, car controller, and remote control vehicle.
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.