The Arco Vara real estate group on June 4 launched an initial public offering in Estonia and Latvia.
The Arco Vara real estate group on June 4 launched an initial public offering in Estonia and Latvia, announcing it would use the proceeds from the sale to expand its business into Lithuania and other East European countries. Arti Arakas, an owner and chairman of the group’s supervisory board, said the company expects to raise some 1 - 1.5 billion kroons (64 - 96 million euros) for new projects, depending on the final share price and the quantity of new stock to be issued. CEO Viljar Arakas said the company sees unique opportunities lying ahead in Bulgaria, Lithuania, Ukraine and Romania, where the company has been active only in the real estate brokerage business.
