Enterprise Investors' Novaturas raises €17.8m in IPO

The listing generated gross proceeds of €17.8m and saw Polish Enterprise Fund VI sell 22% of its holding in Novaturas. EI retains a 49% stake in the company. 

Earlier in March, the company priced the listing at €10.50 per share, with the equivalent share price for investors in Poland set to PLN 44.13.

Following the listing, management plans to distribute up to 80% of the net profit to shareholders.

Novaturas is the 35th IPO from EI's portfolio and the first on Nasdaq Vilnius.

Previous funding
EI invested €40m in Novaturas, equivalent to a 70.7% stake, in November 2007. The transaction was financed with equity and debt, according to Unquote Data.

Company
Established in 1999 and headquartered in Kaunas, Lithuania, Novaturas is a tour operator active in Lithuania, Latvia and Estonia. It offers a range of travel packages in the region, including summer and winter package holidays, as well as sightseeing tours to more than 30 destinations worldwide, including locations in North Africa, the Middle East, Asia and Latin America.

The company works with 400 travel agencies. It also operates stores in Lithuania, Latvia and Estonia, and is developing an e-commerce channel.

In 2017, the company's revenues increased by nearly 40% year-on-year to €141m. In the same period, EBITDA and net profit reached €10.6m and €8.2m, respectively.

People
Enterprise Investors – Sebastian Król (partner).

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