Endover’s subsidiary Volta SKAI OÜ has successfully closed the first public bond offering from an Estonian company in 2026. The Offering attracted 895 investors who subscribed for bonds totalling €11.480 million – the base issue size of €3.5 million was oversubscribed more than 3.3 times.
In light of strong investor demand, the management board of Volta SKAI decided to increase the issue size in accordance with the terms of the Offering to the maximum permitted amount of €5 million.
The breakdown of subscriptions by country was as follows: Estonia €8.6 million (75.1%), Lithuania €1.7 million (14.7%), and Latvia €1.2 million (10.2%). Bonds were allocated to all investors who participated in the Offering on the following principles: Volta SKAI’s existing bondholders, investors who had previously invested in securities of Endover group projects, and investors who subscribed for at least €100,000 were allocated 50% of their requested amount; all other investors were treated equally and received 25% of their subscribed amount, but not less than 2 bonds.
“This level of investor support is a clear sign of trust, which we hold in very high regard. We thank everyone who chose to invest in the Volta SKAI project – their money is now working towards the development of a new landmark in North Tallinn. The project is progressing on schedule both in terms of construction timeline and budget, and the building is planned for completion in mid-2027,” said Endover CEO Roul Tutt.
The bonds will be admitted to trading on the Nasdaq Tallinn Stock Exchange First North market from 12 March 2026. This is the third series under Volta SKAI OÜ’s €30 million bond programme – all three series have been successfully oversubscribed.
The arranger of the Volta SKAI bond offering is LHV Pank, the selling agent is Redgate Capital, the legal adviser is Ellex Raidla, and the security agent is Hedman Partners & CO.
“The result of the Volta SKAI offering is a very strong start to the 2026 bond market. 895 investors and €11.5 million in subscriptions demonstrate that confidence in Endover’s projects is consistent and growing. Endover has organised numerous bond issues over the years, serviced all its interest obligations correctly, and successfully redeemed all bonds – this trust is clearly reflected in the results of this offering as well,” said LHV Head of Bonds Silver Kalmus.
