Liven Begins Preparations for Stock Exchange IPO

Residential real estate developer Liven AS announced today its intention to apply for its shares to be admitted to trading on the Nasdaq Tallinn Stock Exchange main list and has begun preparations for conducting an initial public offering this spring. The exact terms and schedule of the offering will be disclosed through the stock exchange news system at the earliest opportunity.

Known for attractive developments, well-thought-out planning and customer-centricity, Liven has been one of Estonia's most reputable real estate developers for years and has emerged in recent years as the market leader in Tallinn and its surrounding area. The company has a strong land portfolio, its first homes under construction in Berlin, Germany, and a clear outlook for growing business results over the coming years. In addition to existing projects, Liven sees good opportunities in the market for acquiring new properties and wishes to strengthen its portfolio together with Estonian, Latvian and Lithuanian investors and continue on its growth trajectory. In 2024 and 2025, Liven AS conducted two successful green bond offerings to Estonian retail and institutional investors. 

„The goal of equity issuance has been with Liven since 2019 and we have been working towards it continuously. We believe that Liven's business model, company development and stable growth, as well as the transparency and reliability of a publicly listed company complement each other," said Andero Laur, CEO of Liven AS. According to Laur, based on the results of recent years, it is gratifying to note that demand for Liven's homes has remained stable even in a challenging economic environment.

With two previously conducted bond offerings, Liven successfully expanded its funding sources, and the planned public offering of shares is the company's next step in strengthening its capital base, expanding its investor base and implementing its growth strategy.

"Liven has conducted two successful bond issuances in recent years, which have helped us acquire new projects and continue with previous developments. Many of our bond investors are well familiar with Liven's business model and, in addition to fixed periodic returns, have been waiting for an opportunity to participate in the company's long-term value growth as shareholders. At the same time, we see good opportunities in the market for acquiring new properties, which is also worth raising capital for in today's market," said Andero Laur. 

The preparation of Liven AS's equity issuance is being organized by LHV Bank, and according to Maire Gustavson, head of investment banking, Liven has earned the trust of investors and clients by building homes in cooperation with the future owner and taking into account the client's wishes and needs. The planned public offering of shares will give investors the opportunity to share in Liven's past success and the company's future development.

„Liven has demonstrated strong capability in developing quality residential real estate projects and has thereby built a strong reputation in the market. The planned public offering of shares will give investors the opportunity to participate in the company's further development and support the implementation of its growth strategy," said Maire Gustavson.

In 2025, Liven began construction of nearly 300 new residential and commercial spaces, concluded 176 new sales agreements and delivered 139 homes. Liven's development portfolio currently contains 11 projects with space for over 1,500 new homes. Homes are being sold and built in six development projects. In addition, five more development projects are planned in Tallinn. In 2023, Liven also expanded to the German market and in 2025 began construction of the first project located in Berlin. Currently, only 1% of Liven's development portfolio area is located in Berlin. 

In total, Liven's development portfolio contains over 123,000 m² of leasable space, which ensures stable development volumes for the coming years. The estimated sales volume of Liven's development portfolio is more than 400 million euros. In 2025, Liven earned 49.3 million euros in sales revenue and 5.4 million euros in net profit.

Liven AS was founded in 2014 and is a residential real estate developer operating mainly in Tallinn that has created over 900 homes. According to Kantar Emor's real estate brand recognition and reputation research, Liven has been among Estonia's two most reputable developers for years.

Liven is preparing to conduct an initial public offering to retail investors and institutional investors in Estonia, Latvia and Lithuania. The exact structure and timing of the offering depends on various circumstances and their timing, such as market conditions, confirmation of the prospectus by the Financial Supervision Authority, making necessary corporate decisions and concluding required agreements. Liven will announce the confirmation of the prospectus and the commencement of the offering of shares, including the terms, separately.