The leading Baltic restaurant and entertainment company Apollo Group issued bonds worth a total of €50 million in a successful offering that concluded this week, marking the largest initial public bond offering in the history of the Baltic capital markets.
Apollo Group, which is part of MM Grupp's portfio, issued 100,000 bonds to investors. A total of 4,468 institutional and retail investors from Estonia, Latvia and Lithuania participated in the offering. Of the total subscription volume, 80% came from Estonia, 12% from Latvia and 8% from Lithuania. The company decided to satisfy 100% of retail investor orders and 96.9% of institutional investor orders submitted for at least €1 million. The five-year bond carries an interest rate of 7%, with interest payments made quarterly.
According to Apollo Group CEO Toomas Tiivel, institutional investors accounted for 59.8% of the total subscription volume. “This demonstrates the strong confidence of both retail and institutional investors in the company’s growth strategy and in our eatertainment business model that combines entertainment and dining. With the capital raised, we aim to nearly double our number of locations, open more than one hundred new restaurants in the Baltics and Finland, and further strengthen the company’s financial independence,” said Tiivel.
“Subscription orders totaled €51 million, and since interest from institutional investors was broader than expected, we are considering an additional issuance of up to €20 million in the future,” Tiivel added.
According to Silver Kalmus, Head of Debt Capital Markets at LHV, which arranged the issuance, the offering was one of the most notable debuts on the Baltic market in recent times. “Offerings of this size are not common in our market, and this demonstrates that the local bond market is entering a new stage of development. It was particularly encouraging to see equally strong interest from both institutional and retail investors in Apollo’s case,” said Kalmus.
“Geopolitical tensions in the Middle East have increased volatility in capital markets and created more opportunities for investors internationally – capital is currently competing with many alternative investment opportunities. This makes it even more positive to see that Apollo Group’s bond issue was fully subscribed by investors in such an environment,” Kalmus added.
The bonds will be transferred to investors’ securities accounts on 20 March 2026, and the first trading day on the Nasdaq Tallinn Stock Exchange Baltic Bond List is planned for 23 March 2026.
Apollo Group’s initial public bond offering was arranged by LHV, with Ellex Raidla acting as legal advisor and Hamburg and Partners as communications advisor. Details of the offering are provided in the prospectus, which is available electronically on Apollo’s website (www.apollogroup.ee/investorile) and on the website of the Financial Supervision Authority at www.fi.ee.
Founded in 2000, Apollo Group has grown into the largest entertainment and restaurant business in the Baltics, also operating in Finland. The group includes well-known brands such as Apollo Kino, Apollo Bookstore, Blender, Ice Cafe, Vapiano, KFC, Lido, MySushi, CanCan and Delano. Apollo Club, the group’s loyalty programme, has more than one million members.
