TGS Batic advised The Bank of New York Mellon on the largest-ever IPO in the Baltics by Ignitis Group

02.10.2020 TGS Batic advised The Bank of New York Mellon on the largest-ever IPO in the Baltics by Ignitis Group

TGS Baltic advised The Bank of New York Mellon on implementing AB Ignitis grupė’s initial public offering (IPO) of shares and global depositary receipts representing the shares (GDR), including admitting to trading in GDR on the London Stock Exchange.

Following the implementation of the IPO, the company attracted EUR  450 million in total. This is the largest IPO in the Baltic States throughout history. In addition to its record size, the project is unique in that it was only the third time in Lithuania when beyond the shares GDRs were offered and issued during the IPO (last time it was done only during AB Lietuvos telekomas’ (currently Telia Lietuva, AB) IPO in 2000, to which the law firm also contributed). Furthermore, during the implementation of the project, requirements arising from the second Shareholder Rights Directive (EU) 2017/828 entered into force in Lithuania. It therefore needed, among other things, to quickly identify and address the practical challenges related to the new requirements.

TGS Baltic team included partners Vidmantas Drizga and Robertas Degesys, associate partner Mantas Gofmanas, senior associate Tadas Varapnickas, tax consultant Loreta Antanaitienė, and associate Karolina Lapinskaitė. In this process the team was the advisors to The Bank of New York Mellon, GDR depositary, on Lithuanian law issues and GDR structuring for the part of Lithuanian law, drafted documents related to the GDR issue, represented the depositary before the Bank of Lithuania, also in Nasdaq CSD SE, and carried out other related actions.

In this IPO TGS Baltic worked in cooperation with the international law firm Debevoise & Plimpton LLP.

Ignitis grupė is an international energy company and one of the largest energy groups in the Baltic States, with the mission to make the world more energy smart. Group companies produce, distribute and supply energy, as well as provide other energy services. Ignitis grupė gives priority to development of green energy, aiming to become the region’s main competence centre for new energy and a leader in distributed energy solutions in the Baltic Sea region and beyond.