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On Monday, 16 March 2026, the public offering of bonds of Apollo Group OÜ (registry code 12383236, address Tartu mnt 80d, 10112 Tallinn, Estonia; Apollo) ended (the Offering). This was the first series issued under Apollo’s EUR 70 million bond programme, which was carried out on the basis of the base prospectus approved by the Estonian Financial Supervision Authority (EFSA) on 2 March 2026.
Apollo offered up to 100,000 bonds named EUR 7.00 APOLLO GROUP OÜ BOND 26–2031, with a nominal value of EUR 500 each, a quarterly interest rate of 7% per annum, and a maturity date of 20 March 2031. The Offering was directed to retail and institutional investors in Estonia, Latvia and Lithuania.
A total of 4,468 retail and institutional investors from Estonia, Latvia and Lithuania participated in the Offering. Of the total subscription volume, 80% was from Estonia, 12% from Latvia, and 8% from Lithuania. Apollo decided to issue 100,000 Bonds with an aggregate nominal value of EUR 50 million.
It was decided to allocate the bonds based on the following principles:
- under the same circumstances all investors were treated equally;
- subscriptions by institutional investors in the amount of at least EUR 1 million were satisfied in the volume of 96.9%;
- all other subscriptions were 100% satisfied;
- the number of bonds to be allocated was rounded up to the nearest whole number.
Toomas Tiivel, CEO of Apollo, added that institutional investors subscribed for 59.8% of the total subscription volume. “This demonstrates strong confidence of both retail and institutional investors in the company’s growth strategy and its so‑called eatertainment business model, which combines entertainment and restaurant businesses. With the capital raised, we aim to nearly double the number of our locations, open more than one hundred new restaurants across the Baltics and Finland, and strengthen the company’s financial independence,” said Tiivel.
“Subscription orders were received in the total amount of EUR 51 million, and as interest from institutional investors exceeded expectations, we are considering a potential additional issue of up to EUR 20 million in the future,” Tiivel added.
According to Silver Kalmus, Debt Securities Area Manager at LHV, which acted as the arranger of the issuance, this was one of the most notable debuts on the Baltic market in recent years. “Offerings of this size are not frequent in our market, and this demonstrates that the local bond market is entering a new phase of development. In Apollo’s case, it was particularly encouraging to see equally strong interest from both institutional investors and retail investors,” said Kalmus.
“Heightened geopolitical tensions in the Middle East have increased volatility in capital markets and opened up a wider range of investment opportunities for investors internationally, meaning that capital is currently competing with numerous alternative investment options. Therefore, all the more positive, is the fact that in such an environment Apollo Group’s bond issuance was fully subscribed by investors,” Kalmus added.
The bonds will be transferred to investors’ securities accounts on or about 20 March 2026, and the first trading day with the bonds on the Baltic Bond List of Nasdaq Tallinn is expected to be on or about 23 March 2026.
Private individuals who are Estonian tax residents and who have acquired or plan to acquire Apollo’s bonds through an investment account may postpone the income tax liability arising from interest payments under the Income Tax Act and receive the full amount of interest to their investment account. To do so, the investor must submit a corresponding application.
The application may be submitted on website https://www.lhv.ee/et/volakirja-intressimaksete-avaldus.
Additional information:
Toomas Tiivel
CEO, Apollo Group OÜ
investor@apollogroup.ee
Silver Kalmus
Debt Securities Area Manager, AS LHV Pank
silver.kalmus@lhv.ee