Hepsor’s public bond offering will take place from 25 August 2026 at 10:00 to 4 September 2026 at 15:30.
Hepsor will launch a public offering of new bonds on 25 August 2026. The bonds have a fixed annual interest rate of 9.5%, with interest payments made quarterly. The nominal value of each bond is EUR 1,000, and the bonds will mature in September 2029.
Hepsor plans to use the capital raised through the offering primarily to finance development projects in Estonia and Latvia. The subscription period will run from 10:00 on 25 August until 15:30 on 4 September 2026.
On 27 August, Hepsor hosted a webinar on its bond offering, where we discussed Hepsor, our plans, and the ongoing bond offering.
If you were unable to join the webinar live, you can now watch the recordings:
Offer terms and conditions
- Issuer: Hepsor AS
- Security: EUR 9.50 Hepsor AS bond 26-2029
- Type of Security: Unsecured and unsubordinated bond
- ISIN: EE0000005213
- Type of Offering: Public offering to retail and institutional investors in Estonia, Latvia and Lithuania.
- Issue Volume: EUR 3 million with an option to increase to up to EUR 5 million
- Nominal Value: EUR 1,000
- Interest Rate: 9.50% per annum
- Financial Covenant: The equity ratio must be at least 20% at all times; to ensure minimum liquidity at all times for at least the next interest payment.
- Interest Payments Quarterly (11 December, 11 March, 11 June and 11 September) (except 11 September 2026)
- Subscription Period: 25 August 2026, 10:00 – 4 September 2026, 15:30
- Value Date: 11 September 2026
- Maturity Date: 11 September 2029
- Application for Admission to Trading: Nasdaq Tallinn Stock Exchange Baltic Bond List
- First Trading Day: On or around 14 September 2026
- Prospectus Approved: 10 November 2025, supplemented on 21 August 2026 by the Estonian Financial Supervision Authority
Schedule
Why Hepsor?
A well-capitalised listed company
In 15 years, Hepsor has grown from a residential property developer focused on the Estonian market to a modern listed company operating as a residential and commercial property developer in Estonia, Latvia, and Canada. The company has been listed on the Nasdaq Baltic Main List since 2011 and regularly publishes financial statements in accordance with IFRS standards.
Well-capitalised
Hepsor has a solid capital base: adjusted equity of €39.3 million and an adjusted equity-to-assets ratio of 37.9% ensure robust financial stability and protect the company against risks associated with both the market and individual projects.
Balanced debt
The company keeps its debt under control. A debt ratio of 56.6% shows a balanced leverage that allows for sustainable growth while maintaining a sufficient buffer to hedge risks and protect investors’ interests.
Stable
cash flow
Financial security is based on 34 active development projects in three countries. A diverse portfolio ensures a stable and predictable cash flow to support day-to-day operations, new projects and timely debt service.
potential return on development portfolio
total assets 30.06.26
As of 30.06.26under construction
Diverse investment
The capital raised will not be channelled towards the implementation of a specific project or for funding a specific market. The bond offers the opportunity to contribute to a diverse development portfolio that includes existing and new projects in domestic markets in Estonia and Latvia as well as in Canada. For investors, this translates into geographic and project-based diversification of risk, ensuring a more stable and balanced risk profile for their investments and the potential to benefit from growth in different markets.
Geographical diversification
Portfolio diversification
Selected Hepsor projects
Manufaktuuri Quarter
Paevälja Quarter
P113 Tervisemaja (health centre)
Starta iela 17
Zala Jugla
360° Dzelzavas Residences
Isabella
Weston
High Park
Frequently Asked Questions
Hepsor bonds offer investors an opportunity to gain diversified exposure to real estate. Unlike other issuers, Hepsor’s cash flows are supported by a geographically and segment-diversified development portfolio, encompassing both residential and commercial real estate, multiple markets in Estonia, Latvia and Canada, and projects at different stages of development.
The capital raised is not tied to a single project but to the entire development portfolio, helping to diversify investor risk and mitigate volatility arising from external factors. In addition, the bonds offer a transparent investment opportunity in a listed company with a strong market position, focused on profitability and stable value growth.
Yes, the bonds are expected to be admitted to trading on the Nasdaq Tallinn Bond List, after which they can be traded on the secondary market, allowing investors to exit their investment before maturity if they wish.
Hepsor bonds can be subscribed for through banks that are Nasdaq CSD account operators (the list is available here). Investors must have a Baltic securities account. Legal entities subscribing for the bonds must also have a valid LEI code in addition to a securities account.
The minimum subscription amount is the nominal value of one bond, i.e. EUR 1,000. The maximum subscription amount is the total issue size, i.e. EUR 3 million.
The results of the bond allocation will be published no later than 08 September 2026 or on a date close thereto. Investors will receive confirmation through their bank or platform.
Taxation depends on the tax laws of your country of residence. We recommend consulting a financial adviser or your financial institution.
Important Information
This notice constitutes an advertisement for securities within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017. Each investor must make any investment decision solely on the basis of the information contained in the prospectus (including any supplement thereto), its summary, the terms and conditions of the bonds and the final terms, which have been or will be published on the Hepsor AS website at https://hepsor.ee/en/for-investors/bonds/. Approval of the prospectus by the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon) should not be understood as an endorsement of the bonds offered by Hepsor.
This notice is intended for informational purposes only and refers to a possible future offering. It should not be construed as an offer to sell bonds or as an investment recommendation.
No sale or public offering of Bonds will take place in any country or jurisdiction until the relevant prospectus or other required offering document has been duly approved, registered or published in accordance with applicable law. Investment decisions should be made solely on the basis of information contained in the prospectus.
This notice may not be distributed in the United States, Canada, Australia, Japan or any other jurisdiction where such distribution would be unlawful. The information contained in this notice does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction.