Estonia’s Inbank sells upsized €6.5 million of 7% subordinated bonds

By Susanna Moon

Chicago, Sept. 26 – Inbank AS sold an upsized €6.5 million of 7% subordinated bonds in the public offer that ended last Friday.

The issue was increased from the €5 million size because it was subscribed for €11,089,000, according to a company announcement.

The company said that 698 investors subscribed for average amount of €15,253.

“Firstly, we achieved our goal to include enough capital to support our rapid growth and secondly, we managed to earn the trust of hundreds of small investors,” Priit Poldoja, chairman of the supervisory board of Inbank, said in the press release.

“I believe that the listing of the bank’s bonds will not only help Inbank develop into a public company, but boost the Estonian capital market in general,” Poldoja added.

Proceeds will be used to strengthen the bank’s capital structure and to “expand its activities to foreign countries.”

The bonds will be listed at the Tallinn Stock Exchange on Oct. 3.

The issuer is a Tallinn, Estonia-based bank.

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