{"id":54470,"date":"2025-11-20T10:15:10","date_gmt":"2025-11-20T10:15:10","guid":{"rendered":"https:\/\/www.europesays.com\/lv\/54470\/"},"modified":"2025-11-20T10:15:10","modified_gmt":"2025-11-20T10:15:10","slug":"igaunijas-kapitala-tirgus-2025-gada-obligacijas-akciju-izslegsana-no-tirgus-un-piesardzigs-optimisms-nenoteiktibas-apstaklos-dienas-bizness","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/lv\/54470\/","title":{"rendered":"Igaunijas kapit\u0101la tirgus 2025. gad\u0101: oblig\u0101cijas, akciju izsl\u0113g\u0161ana no tirgus un piesardz\u012bgs optimisms nenoteikt\u012bbas apst\u0101k\u013cos :: Dienas Bizness"},"content":{"rendered":"

2025. gad\u0101 Igaunijas kapit\u0101la tirg\u016b turpin\u0101s tendences, kas aizs\u0101k\u0101s 2023. gada beig\u0101s un 2024. gad\u0101 \u2013 gandr\u012bz piln\u012bgs jaunu emitentu tr\u016bkums akciju tirg\u016b, sal\u012bdzino\u0161i akt\u012bv\u0101ks oblig\u0101ciju tirgus, k\u0101 ar\u012b paaugstin\u0101ta aktivit\u0101te akciju atpirk\u0161anas pied\u0101v\u0101jumu un akciju izsl\u0113g\u0161anas no tirgus jom\u0101.<\/p>\n

Skait\u013cos izteikti 2025. gada rezult\u0101ti ir nedaudz lab\u0101ki nek\u0101 2024. gad\u0101 \u2013 Nasdaq Tallinn First North alternat\u012bvaj\u0101 tirg\u016b notika viens s\u0101kotn\u0113jais akciju publiskais pied\u0101v\u0101jums (IPO) \u2013 Primostar Group, kam\u0113r 2024. gad\u0101 IPO nebija visp\u0101r, un l\u012bdz \u0161im ir \u012bstenoti 10 publiski oblig\u0101ciju pied\u0101v\u0101jumi, sal\u012bdzinot ar 7 pied\u0101v\u0101jumiem 2024. gad\u0101.<\/p>\n

Taj\u0101 pat laik\u0101, 2025. gad\u0101 Baltijas Ofici\u0101lais saraksts ir sarucis, jo PRFoods tika p\u0101rcelts uz Baltijas otro sarakstu, k\u0101 ar\u012b tika izteikti vair\u0101ki akciju atpirk\u0161anas pied\u0101v\u0101jumi.<\/p>\n

Akciju atpirk\u0161anas un izsl\u0113g\u0161anas no tirgus vilnis<\/p>\n

Akciju atpirk\u0161anas pied\u0101v\u0101jumu tendence aizs\u0101k\u0101s 2024. gad\u0101 ar br\u012bvpr\u0101t\u012bgajiem pied\u0101v\u0101jumiem Tallink Group un Nordic Fibreboard. Tie bija saist\u012bti ar grupas restrukturiz\u0101cij\u0101m vai izmai\u0146\u0101m \u012bpa\u0161nieku strukt\u016br\u0101, nevis ar uz\u0146\u0113mumu izsl\u0113g\u0161anu no bir\u017eas. 2025. gad\u0101 tika pabeigta Enefit Green \u2013 Eesti Energia za\u013c\u0101s ener\u0123ijas meitasuz\u0146\u0113muma, p\u0101r\u0146em\u0161ana un izsl\u0113g\u0161ana no tirgus. Enefit Green IPO 2021. gad\u0101 bija liel\u0101kais IPO Igaunijas v\u0113stur\u0113, kur\u0101 piedal\u012bj\u0101s vair\u0101k nek\u0101 60 000 priv\u0101to investoru. T\u0101d\u0113\u013c tik liela tirgus dal\u012bbnieka aizie\u0161ana ir b\u016btisks trieciens. To zin\u0101m\u0101 m\u0113r\u0101 kompens\u0113ja Eesti Energia oblig\u0101ciju emisija, kas iez\u012bm\u0113ja t\u0101 debiju viet\u0113j\u0101 kapit\u0101la tirg\u016b un investoriem pied\u0101v\u0101ja alternat\u012bvu ieguld\u012bjumu iesp\u0113ju, cerams, pal\u012bdzot saglab\u0101t \u0161o investoru aktivit\u0101ti. Tendence izsl\u0113gt kot\u0113tos uz\u0146\u0113mumus no bir\u017eas turpin\u0101s ar\u012b novembr\u012b, kad tika pazi\u0146ots par nodomu ar br\u012bvpr\u0101t\u012bgu akciju atpirk\u0161anas pied\u0101v\u0101jumu ieg\u0101d\u0101ties Ekspress Grupp akcijas ar m\u0113r\u0137i p\u0113c sekm\u012bgas p\u0101r\u0146em\u0161anas t\u0101s izsl\u0113gt no tirgus.<\/p>\n

\u0122eopolitiskie riski un nodok\u013cu nenoteikt\u012bbas sekas<\/p>\n

Akciju atpirk\u0161anas un izsl\u0113g\u0161anas no tirgus vilnis atspogu\u013co tirgus kop\u0113jo noska\u0146ojumu. Glob\u0101l\u0101 \u0123eopolitisk\u0101 un makroekonomisk\u0101 situ\u0101cija k\u013cuvusi arvien nenoteikt\u0101ka. P\u0113d\u0113jos piecus gadus pasauli main\u012bju\u0161i b\u016btiski satricin\u0101jumi \u2013 s\u0101kot ar pand\u0113miju, turpinot ar karu Ukrain\u0101 un p\u0113d\u0113j\u0101 laik\u0101 ar ASV ieviestajiem importa tarifiem un gr\u016bti prognoz\u0113jamo Trampa administr\u0101cijas raksturu. Igaunij\u0101 glob\u0101lo nenoteikt\u012bbu pastiprin\u0101ju\u0161as nesen\u0101s fragment\u0101r\u0101s izmai\u0146as nodok\u013cos. L\u012bdz nesenam laikam Igaunij\u0101 bija vienk\u0101r\u0161a un prognoz\u0113jama nodok\u013cu politika, ta\u010du p\u0113d\u0113jos gados t\u0101 p\u0101rg\u0101jusi no tie\u0161iem nodok\u013cu likmju palielin\u0101jumiem uz sare\u017e\u0123\u012bt\u0101kiem risin\u0101jumiem, piem\u0113ram, ierosin\u0101to \u201cdro\u0161\u012bbas nodokli\u201d, kas faktiski noz\u012bm\u0113tu uz\u0146\u0113mumu ien\u0101kuma nodok\u013ca ievie\u0161anu; \u0161o ieceri jaun\u0101 vald\u012bba v\u0113l\u0101k atc\u0113la. Visi \u0161ie notikumi mudin\u0101ju\u0161i investorus mekl\u0113t stabil\u0101kus instrumentus; to apliecina aktivit\u0101te oblig\u0101ciju pied\u0101v\u0101jumos, ko p\u0101rsvar\u0101 virza viet\u0113j\u0101s kred\u012btiest\u0101des un p\u0113d\u0113j\u0101 laik\u0101 ar\u012b nekustamo \u012bpa\u0161umu uz\u0146\u0113mumi (piem\u0113ram, Liven, kas emit\u0113ja pirm\u0101s za\u013c\u0101s oblig\u0101cijas Igaunij\u0101, k\u0101 ar\u012b Invego, Everaus un Arco Vara). \u0145emot v\u0113r\u0101 mazin\u0101ju\u0161os interesi par akcij\u0101m, ar\u012b emitenti r\u016bp\u012bg\u0101k izv\u0113rt\u0113 bir\u017eas saraksta priek\u0161roc\u012bbas un izmaksas, kas diem\u017e\u0113l ir novedis pie vair\u0101ku uz\u0146\u0113mumu aizie\u0161anas no tirgus.<\/p>\n

Publiska uz\u0146\u0113muma administrat\u012bvais slogs un rev\u012bzijas \u201cpudeles kakls\u201d<\/p>\n

No emitenta skatu punkta publiska uz\u0146\u0113muma statuss noz\u012bm\u0113 iev\u0113rojamas administrat\u012bvas saist\u012bbas. Pozit\u012bvas cer\u012bbas vie\u0161 fakts, ka pl\u0101notais b\u016btiskais pien\u0101kumu pieaugums (pilna apjoma ESG zi\u0146o\u0161ana) ir aptur\u0113ts un tiek visaptvero\u0161i p\u0101rskat\u012bts Omnibus pakotnes ietvaros. Taj\u0101 pat laik\u0101, kot\u0113tajiem uz\u0146\u0113mumiem arvien gr\u016bt\u0101k ir izpild\u012bt rev\u012bzijas pien\u0101kumu; iemesli \u2013 revidentu pieaugo\u0161\u0101 noslodze, k\u0101 ar\u012b nesen\u0101s izmai\u0146as starptautiskajos rev\u012bzijas standartos. Gada p\u0101rskatu rev\u012bzija ir noz\u012bm\u012bgs faktors emitentu publiskot\u0101s finan\u0161u inform\u0101cijas uzticam\u012bbas un ticam\u012bbas nodro\u0161in\u0101\u0161an\u0101 un l\u012bdz ar to sp\u0113l\u0113 b\u016btisku lomu kapit\u0101la tirgu norm\u0101l\u0101 funkcion\u0113\u0161an\u0101. Jebkuras regulat\u012bvo pras\u012bbu izmai\u0146as \u0161aj\u0101 jom\u0101 ir r\u016bp\u012bgi j\u0101izv\u0113rt\u0113, un maz ticams, ka \u0161ai dilemmai b\u016bs vienk\u0101r\u0161i risin\u0101jumi.<\/p>\n

IPO amb\u012bcijas un tirgus realit\u0101te<\/p>\n

\u0160\u012b br\u012b\u017ea aktualit\u0101te ir cer\u012bbas, ka vald\u012bba var\u0113tu apsv\u0113rt noteiktu valsts uz\u0146\u0113mumu privatiz\u0101ciju. Bez tam, vair\u0101ki liel\u0101ki r\u016bpniec\u012bbas uz\u0146\u0113mumi un viens \u201cvienradzis\u201d jau vair\u0101kus gadus publiski run\u0101 par potenci\u0101lu IPO. Re\u0101listiski raugoties, kam\u0113r ekonomisk\u0101 situ\u0101cija sv\u0101rst\u0101s un \u0123eopolitisk\u0101s kr\u012bzes nav atrisin\u0101tas, ir gr\u016bti prognoz\u0113t, ka tuv\u0101kaj\u0101 laik\u0101 Tallin\u0101 par\u0101d\u012bsies jauns IPO vilnis. Potenci\u0101lie emitenti ir piesardz\u012bgi un pagaid\u0101m koncentr\u0113jas uz biznesa optimiz\u0113\u0161anu, bet finans\u0113\u0161anas zi\u0146\u0101 vair\u0101k balst\u0101s uz banku finans\u0113jumu un oblig\u0101ciju priv\u0101tu izvieto\u0161anu \u2013 tirgu, kas \u0161obr\u012bd ir \u013coti aktu\u0101ls. Turkl\u0101t viet\u0113jiem kapit\u0101la tirgiem joproj\u0101m gr\u016bti piesaist\u012bt \u0101rvalstu institucion\u0101los investorus (kas parasti ir jebkura noz\u012bm\u012bga IPO st\u016brakmens), un viet\u0113jie pensiju fondi turpina lok\u0101lajiem uz\u0146\u0113mumiem atv\u0113l\u0113t \u013coti nelielu portfe\u013cu da\u013cu.<\/p>\n

Prospektu regulas reforma un viegl\u0101ka piek\u013cuve kapit\u0101lam<\/p>\n

Taj\u0101 pat laik\u0101 likumdo\u0161anas un uzraudz\u012bbas jom\u0101 pus\u0113 notiku\u0161as vair\u0101kas pozit\u012bvas p\u0101rmai\u0146as, kas v\u0113rstas uz tirgus att\u012bst\u012bbas veicin\u0101\u0161anu. Piem\u0113ram, Eirop\u0101 un Igaunij\u0101 b\u016btiski reform\u0113ta kapit\u0101la piesaistes publisk\u0101 k\u0101rt\u012bba. T\u0101 ietver izmai\u0146as Prospektu regul\u0101 (t.s. Listing Act ietvaros), kas vienk\u0101r\u0161o pras\u012bbas prospektiem. Jaun\u0101 Prospektu regula, kas st\u0101sies sp\u0113k\u0101 2026. gada 5. mart\u0101, paredz du\u0101lu re\u017e\u012bmu, kur dal\u012bbvalstis var izv\u0113l\u0113ties piem\u0113rot prospekta pras\u012bbu publiskiem pied\u0101v\u0101jumiem, kuru kop\u0113j\u0101 v\u0113rt\u012bba 12 m\u0113ne\u0161os sasniedz vai nu 12 vai 5 miljonus eiro. \u0145emot v\u0113r\u0101 likumprojekt\u0101 ietverto, Igaunija, visticam\u0101k, izv\u0113l\u0113sies 12 miljonu eiro slieksni, v\u0113l vair\u0101k stimul\u0113jot kapit\u0101la tirgu izmanto\u0161anu. 2024. gad\u0101 st\u0101j\u0101s sp\u0113k\u0101 finan\u0161u ministra noteikumi par inform\u0101cijas dokumentu publiskajiem pied\u0101v\u0101jumiem zem prospekta sliek\u0161\u0146a. Noteikumu redakcija ir vienota vis\u0101s Baltijas valst\u012bs, kas \u013cauj t\u0101 d\u0113v\u0113to vienk\u0101r\u0161oto pazi\u0146o\u0161anas k\u0101rt\u012bbu (\u201cpassporting\u201d) mazapjoma pied\u0101v\u0101jumiem. \u0160o regul\u0113jumu pirm\u0101 veiksm\u012bgi izmantoja Primostar Group, kas \u0161opavasar \u012bstenoja Baltijas l\u012bme\u0146a IPO.<\/p>\n

Pa\u0161laik Igaunijas kapit\u0101la tirgi atrodas gaid\u012b\u0161anas re\u017e\u012bm\u0101, tirgus dal\u012bbniekiem gatavojoties jaunam izaugsmes posmam. Nasdaq Baltic Benchmark indeksa 10% pieaugums 2025. gad\u0101, sal\u012bdzinot ar praktiski nulles izaugsmi 2024. gad\u0101, k\u0101 ar\u012b gaid\u0101m\u0101s regulat\u012bv\u0101s izmai\u0146as 2026. gad\u0101 (Listing Act st\u0101\u0161an\u0101s sp\u0113k\u0101) \u013cauj uztur\u0113t piesardz\u012bgu optimismu. Glob\u0101l\u0101s makroekonomisk\u0101s tendences k\u013c\u016bst arvien gr\u016bt\u0101k prognoz\u0113jamas, ta\u010du, tikl\u012bdz tiks pan\u0101kta zin\u0101ma stabilit\u0101te, visticam\u0101k, sekos notur\u012bg\u0101ka izaugsme, veicinot Igaunijas kapit\u0101la tirgus aktiviz\u0113\u0161anos. Tirgus dal\u012bbnieki un regul\u0113jums ir labi sagatavoti jaunam izaugsmes posmam.Kapit\u0101la tirgus aktualit\u0101tes tiks analiz\u0113tas un apspriestas 27. novembr\u012b liel\u0101kaj\u0101 Baltijas kapit\u0101la tirgus konferenc\u0113 Baltic Capital Markets Conference 2025, kuras vienu no piec\u0101m pane\u013cdiskusij\u0101m moder\u0113s ar\u012b COBAL partneris Edgars Lodzi\u0146\u0161. Konferenci organiz\u0113 COBALT, Eversheds Sutherland Bit\u0101ns, GSK Stockmann, Signet Banka un Sorainen. Partneri \u2013 BDO, LHV, Newsec, Tegos. Vair\u0101k par konferenci: programma, run\u0101t\u0101ji, bi\u013cetes: https:\/\/balticcapmarkconference.com\/<\/p>\n

<\/a><\/p>\n

#1\/2<\/p>\n

Marina Kotkas, partnere, COBALT Igaunija<\/p>\n

Publicit\u0101tes foto<\/a><\/p>\n

#2\/2<\/p>\n

Georg Kuusik, vado\u0161ais speci\u0101lists, COBALT Igaunija<\/p>\n

Publicit\u0101tes foto<\/p>\n

Skat\u012bties p\u0101r\u0113jos att\u0113lus<\/p>\n","protected":false},"excerpt":{"rendered":"2025. gad\u0101 Igaunijas kapit\u0101la tirg\u016b turpin\u0101s tendences, kas aizs\u0101k\u0101s 2023. gada beig\u0101s un 2024. gad\u0101 \u2013 gandr\u012bz piln\u012bgs…\n","protected":false},"author":2,"featured_media":54471,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[869,77,870,76,867,35,39,38,36,37,34,871,868,40,21],"class_list":{"0":"post-54470","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bizness","8":"tag-biznesa-zinas","9":"tag-bizness","10":"tag-bizness-latvija","11":"tag-business","12":"tag-dienas-zinas","13":"tag-latvia","14":"tag-latvian","15":"tag-latviesu","16":"tag-latviesu-valoda","17":"tag-latviesuvaloda","18":"tag-latvija","19":"tag-latvijas-biznesa-zinas","20":"tag-latvijas-zinas","21":"tag-lv","22":"tag-zinas"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@lv\/115581506394043405","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/posts\/54470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/comments?post=54470"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/posts\/54470\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/media\/54471"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/media?parent=54470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/categories?post=54470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/lv\/wp-json\/wp\/v2\/tags?post=54470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}